Hotel of Mum 'n Dad - a growing sector

As the cost of renting continues to climb, the number of young people opting to remain in the family home is rising according to a new study by Hamptons research.

Their analysis shows how the buy to let crisis is forcing more people to move back in with their parents and that the number of first time renters is falling substantially.

Using its own data and those from the English Housing Survey, they calculated that the percentage of new tenancies entered into by first time renters has fallen by almost 25%% since 2015.

Aneisha Beveridge, head of research at Hamptons said "Around 105,000 missing renters are relying on the hotel of Mum and Dad. The number of first time renters has been falling since 2015, pushed down by the spiraling cost of living and record breaking rental growth which has stretched affordability to the edge of its limits.

"Young adults are staying at home for longer in order to save up, with some skipping the rental market entirely and going on to purchase a home instead."

As is often the case, there is a North/South divide in play. Over the last year, Northern England, with higher affordability, has seen a much higher proportion of new renters (5.4%) than in the South (3.7%).

Hamptons note that average rental prices rose 9.1% in the year to May.