Rental market has seen significant post-recession growth

The rental market has seen a large scale increase in popularity since the recession, with those who have invested in buy-to-let properties seeing fantastic rises in demand and income in the last few years.

According to the latest report from Castle Trust, while the market in properties for sale began to diminish from the start of 2008 when the recession set in, this is when the rental sector started to pick up.

Between 2008 and 2012, there was an increase of 23 per cent in the number of people who were tenants rather than owner-occupiers.

Reports last year repeatedly showed that this high demand was pushing the average monthly cost higher and higher, and the report showed that the price paid annually by those living in the rental market had gone up by £572 in the past four years.

Sean Oldfield, chief executive officer of Castle Trust, said: "Despite mortgage rates being well below their historic average, renting is booming as homeownership becomes more and more of a distant dream. Mortgage payments represent a significant proportion of a household's monthly spending and many people do not see the viability of owning a home."