House prices increased by 0.6% in February, according to the Nationwide building society, supporting indications that the housing market is going through a revival. The increase took the annual change to 0.9%, compared with 0.6% last month, and means the average price of a typical home in the UK is now £162,712.
The proportion of people renting has risen to 34%, the highest rate since 1988. While social housing tenants have remained stable at 17.5%, the proportion of private renters has soared to 16.5%.
Gardner said: "Despite the increase in the proportion of the population renting a home in recent years, the aspiration to eventually become a homeowner remains undiminished. The most recent English Housing survey suggests 23% of people in social housing and 59% of those in the private rental sector expect to be able to buy their own home in future.
"However, the same survey found that, on average, people expect that this will take longer. Just 22% of private renters expect to take their first steps into the housing market within two years, down from 29% in 2008. Conversely, 47% expected it to take at least five years, up from 40% believing it would take this long in 2008."
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