First-time buy­ers rent for 16 years

Yorkshire Post - Property - - PROPERTY -

THE av­er­age unas­sisted first­time buyer in Eng­land will spend £81,321 over a pe­riod of 16 years on rent by the time they buy their first home, ac­cord­ing to new anal­y­sis from prop­erty web­site Fin­daProp­erty.com.

The fig­ures show that even those lucky enough to re­ceive fi­nan­cial sup­port when buy­ing their first home – for ex­am­ple will still be rent­ing for an av­er­age of nine years and will spend £36,413 on rent in the process.

But re­gional vari­a­tions in this “life­time rental spend” are dra­matic, with those in those in Lon­don spend­ing an av­er­age 31 years as a ten­ant while spend­ing £308,558 on rent. In York­shire, an unas­sisted first time buyer spends £33,402 and will rent for an av­er­age of 15 years.

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