According to new figures from property website Rightmove, average asking prices for UK homes hit a record high over this past month.

The 1.2 per cent increase, which brings the average asking price to £317,281, was the fifth monthly consecutive rise.

Although Wales bucked the trend, with a 1.8 per cent drop bringing average asking prices to £182,769 in May, home ownership is still beyond the reach of many young people here.

Whereas their parents might have been able to afford to buy in their mid-20s, the reality of today’s housing market means home ownership for young people is often unachievable until they reach their early 30s.

However, renting is still the exception in Wales, with about 16 per cent of the homes in Wales are rented privately from a landlord, either direct or through an agent.

So is it time for young people, many of whom are still living with parents, to reconsider renting as a longer-term solution to their housing needs?

Here Emily Samuel, letting agency manager for Newport-based serenliving, sets out why renting is a viable option.

Live where you can’t afford to buy

Thanks to regeneration programmes and new developments many of the UK’s city centres are once again becoming desirable, up-and-coming places to live.

As a consequence house prices are rising fast, pushing many people, especially first time buyers, into the suburbs.

Many of these properties are snapped up by buy-to-let investors who then rent them out at more affordable rates.

This allows young people to live in areas in which they wouldn’t be able to afford to buy while enjoying all the benefits that offers.

Enjoy financial independence and learn financial responsibility

Cynics often describe renting as 'dead money', but renting not only affords individuals a greater degree of personal independence than, say, living with parents, but it also allows a greater degree of financial independence and flexibility.

Not only can monthly rental costs be lower than mortgage repayment costs, but also many of the financial considerations of home ownership, such as repairs and maintenance, are covered by the landlord.

Renters also have greater flexibility to move house than homeowners if they don’t like where they live, often at just a month’s notice.

Renting a property also offers young people the perfect opportunity to learn some financial responsibility and have the discipline to set a monthly budget for rent, bills, shopping and other expenses.

If the unexpected does happen, such as a sudden huge repair bill, they won’t be blindsided in terms of extra expenditure in the same way a homeowner would. In a rented property these are someone else’s problem.

This also makes it easier to put a little extra money aside each month for a mortgage deposit.

More protection than ever before

Tenants in Wales now have more protection than ever before thanks to Rent Smart Wales, a Welsh Government scheme designed to raise standards in the private rented sector and root out rogue landlords and agents.

Under the scheme all private rented properties and their landlords have to be named on a central public register.

Self-managing landlords and agents who let and manage property must also have a licence. To become licensed, landlords and agents must be trained in their rights and responsibilities when renting out property to tenants.

Tenants have the added piece of mind of being able to check the register to ensure their landlords are registered and those who let and manage their properties are licensed.

They can also report concerns to Rent Smart Wales, who will investigate.

Home ownership is still something many young people will aspire to, and that’s understandable. But renting is definitely worth considering as an option, either in the short term while saving for a deposit or as a more longer-term solution.