According to a new report the private rented sector plays very important social and economic roles across the UK.

The report was commissioned by a trade body is based on  a survey of around 2,000 private tenants in England and Wales which finds the long held view that private tenants are ‘imprisoned’ within the private rented sector is wrong.

Less than 6 per cent of renters who took part in the survey want to move over to social housing and although the majority – 76 per cent – want to buy their own home some time in the future, only 17 per cent would have done so by now if they were able to.

The report was written by Chris Walker, a director at Chamberlain Walker Economics, and in his summing up says that the PRS “has attributes that make it the tenure of choice for many private renters, and that a high-quality and well-provided PRS is likely to be a good thing both socially and economically.”

Results from the survey show that 41 per cent of private tenants ‘scored’ their rent affordability level as ‘excellent’ or ‘good’ and a further 38 per cent rated it ‘fair’.

The report also highlights the main reason why private tenants are currently not buying their own home is down to job security, as a third of respondents said they would step on the housing ladder if they felt their job was stable, this rose to around half of 18-34 years old.

The sector sees a continual rise in older tenants dependent on the PRS and nearly half – 48 per cent – 55 year olds and over want to stay in the sector.

The report says the PRS can also help the three million 65 year olds and over who wish to downsize by providing smaller homes and thereby putting under occupied homes onto the market for new buyers.

Government figures show that over half –  53 per cent – of homeowners’ properties are under occupied whereas it is just 15 per cent in the private rented sector.

Chris Walker’s summation of the report, says: “For many, the PRS acts as an entry point to the housing market, helping younger people gain their footing and independence when they leave the parental home without the bigger jump and commitment of homeownership. Similarly, the PRS is a mainstay housing option for many younger people whilst at university and for many as they move away from where they grew up to enter the world of work for the first time.”