First-time buyers rent for 16 years
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.