YOUNG people will have paid £44,000 more in rent by the time they hit 30 compared to their parents, according to new research which lays bare the cost of the Tory housing crisis.

Falling rates of home ownership among the younger generation and the rising costs of renting in the private sector have fuelled the increase, the Resolution Foundation found.

A drop in the number of properties being built over decades has also contributed to the knock-on effect on those who cannot or do not want to live with their parents.