There is no secret issue regarding shortage of space within the UK housing market. The problem has persisted for some time and many believe the only way out is to construct more housing. The government is in constant search of an answer to a pressing problem which stands to become a major concern in the coming years. This problem has forced many into rental arrangements with under 35s paying almost half the total UK rental bill.

Under 35s are now paying a significant amount of the total amount of rent across the country. According to Savills, low interest rates coupled with a shortage of property has led to many young people paying more and more of the total amount of rent.

Owner-occupiers now pay £26.5bn in mortgage interest compared to tenants who are paying more than £54bn to private landlords. The difference between rental payment and mortgage interest being paid is now £28bn. Only five years ago the difference was £20bn less at £7.4bn.

The shortage issue of available housing is being addressed in one area by building more houses to rent. So far this year, more than 100,000 homes are under construction or are in the planning stage to becoming constructed. This figure has doubled from this time last year when only 48,000 were on the books for completion.

Challenges facing those seeking mortgage lending with new lending regulations and rising housing prices have forced many to find affordable rental residences. This has led to the under-35 age group paying so much of the total amount of rent due across the country.