THE fact that many young people struggle to buy a home is well known, but new research reveals just how many cannot even rent a property.

Some 700,000 people aged 18 to 34 cannot get on the renting ladder, according to the study.

These young home-seekers are said to be hit by a combination of rising deposits, landlords not wanting young tenants and poor credit histories.

The research from credit-provider Noodle show that to rent a property, most prospective tenants must make sacrifices and save up for four months.

They are facing average rental deposits across the UK of about £970 (or £1,831 in London). This is three per cent higher than a year ago.

“Our latest research suggests that it’s not just buying property that’s become increasingly difficult for young people today as renting is also out of reach for many,” said Jacqueline Dewey, managing director of Noodle.

“As demand for rentals becomes greater, especially in the big cities, landlords can pick and choose who they want in their properties.”

The data indicates that landlords and letting agencies are often rejecting prospective tenants because of their credit history and this is even more so in London where 16 per cent of young people are refused a tenancy on these grounds.

Jacqueline added: “Credit checks are becoming more and more important in the tenant selection process. We hope by raising this issue, we can help young people achieve their financial goals and get the property they desire.”