The depressing truth about how much money you waste renting a home before you can afford to buy

Do you even want to know…?

The average first-time buyer will have already spent a whopping £52,900 on rent before they buy their first home.

What’s worse is those who are beginning to rent now will spend £64,400, research from landlord trade body the Association of Residential Lettings Agents (Arla) found.

In London, those buying property for the first time this year, had already spent a huge £68,300 on rent.

“Rents are becoming alarmingly unaffordable due to the lack of available housing,” said David Cox, managing director of Arla.

“The north-south divide we’re currently seeing in the UK is a clear illustration of this.

“The London rental market is competitive, with far more prospective tenants looking for properties than actual houses available.

“This is pushing up rents in the capital, which will continue to put pressure on surrounding areas, including the south east of England, as Londoners relocate to avoid high rent costs.”

The research only looked at those who bought their first home, so it didn’t take into account those who have been renting for a long time but still not been able to afford to buy.

 

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