Cost of renting revealed


Before getting their first mortgage, people will spend thousands and thousands of pounds on renting, a new report has claimed.
The problem gets ever worse when in the capital city, where prices for both buying and renting are extraordinarily high.
Across the UK, it is said that renters can expect to pay an average of £50,000 before they will manage to get onto the property ladder.
The north east of the country had the best prospects for renters looking to get into the housing market, as people in this region will only spend an average of £31,300 on rent.
In London, this amount rockets. People can expect to have to pay £70,000 in rent before they ever manage to get onto the property ladder.
These huge numbers reflect both high rent prices, and the fact that house prices are high and often unattainable across the country.
The Cost of Renting report was put together by the Association of Residential Letting Agents (ARLA), and it highlights the issue with people being trapped renting.
The more that people have to pay out in rent, the longer it will take them to save up to buy a house, putting strain on the housing market and keeping prices high.
David Cox, managing director of the Association of Residential Letting Agents, said: “As rent costs continue to rise, unfortunately more and more tenants will find themselves renting for longer as they have less ability to save. We need to take action now, before we become a nation of forever renters.”

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Finding the best mortgage advisers in your area is easy. Whether you're looking for buy to let, a residential mortgage, or a commercial loan, just enter your location into the form and answer a few questions. Then sit back and let the backend system do all the legwork to put you in touch with independent mortgage advisers near you!

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