New data from the office for national statistics shows that people aged 35 to 44 are three and a half times more likely to rent than was the case in 1993.

In 1993, 8.2 per cent of this cohort rented their home. As of 2017, that number stood at 27.6 per cent.

This trend, the ONS says, is likely to lead to a future where “in the future, older people will be more likely to be living in the private rental sector than today.”

Backing this forecast up are data showing the rise in renters in earlier age groups: in 1993, 36.2 per cent of those aged 16 to 24 rented, with the latest reading now being 67.8 per cent, and in the 25 to 34 age group, 14.9 per cent rented in 1993, up to 43.7 per cent in 2017.

In fact, the only age group where renting didn’t increase between 1993 and 2017 is in the 75 and other category, where renters stood at 7.9 per cent in the early nineties versus 5.2 per cent in 2017.

Conversely, the number of people aged 65 and over who own their homes outright as grown. In 1993, this stood at 56 per cent, whereas the latest reading shows 74 per cent of older outright homeowners.

The ONS notes that this group includes people who were the first to benefit from the Right to Buy scheme. It adds that in 1979, just over 33 per cent of all homes in Great Britain were social housing, in 1990, nearly 25 per cent, and in 2017, 17.6 per cent.

Despite these changes, 6 per cent of those over 65 years old rent privately, a reading that has barely moved since 1993.

Legal & General Retail Retirement chief executive Chris Knight says: “These forecast statistics seem to be only an extrapolation, comparing the actions of the current generation with the previous generation. It’s also very possible that tomorrow’s retired people will adapt in different ways, such as entering the housing ladder in later life and borrowing into retirement.

“Whether it be preparing to rent later in life or maintaining mortgage payments into retirement, the one thing that these figures make clear is that younger people will need a sufficient retirement income in place so that you can both meet these costs and also pursue the other ambitions they have for their later years.”

Equity Release Council chief executive Jim Boyd adds: “This is another wake-up call for politicians and regulators that property wealth must be included in all financial services conversations with the necessary prompts, guidance and advice how to include this important asset to meet their financial needs alongside pensions savings and other assets.”