More and more people are turning to the private rental market, rather than choosing to own their own home in the current difficult economic conditions.

The new “English Housing Survey” by the Department for  Communities and Local Government, shows that overall home ownership in the UK has fallen to 66% 2010-2011 – a drop of 1% from the previous year.

The number of home owners has actually been consistently dropping since 2007, and has now reached a similar level of private ownership to as far back as 1989.

This shift towards renting has been encouraged by the continued bleak economic outlook, coupled with stricter criteria from lenders resulting in much larger deposits being required for buyers.

“Successive governments have widely encouraged home ownership but the impact of the recession has led to a structural change in the property market.”

“The impact of this has caused an additional 275,000 new tenants to flood the private rental sector in 2011 – a 24% increase on the previous year.” Grenville Turner, chief executive of Countrywide

The survey involved over 18,000 households, and was carried out between April 2012 and March 2013.