The average first-time buyer this year will already have spent £52,900 on rent, ARLA said this morning in a new report.
The Cost of Renting, compiled by ARLA with the Centre for Economics and Business Research, shows that this year’s average first-time buyer in England will have spent 16.4% of their earnings on rent during the time they were renting.
Those buying a property for the first time this year in the north-east will have spent £31,300 on rent – the lowest amount in England.
In London, the average amount spent is more than double that, at £68,300. In the rest of the south-east the figure is £55,900.
According to the report, most people who leave the family home at the age of 18 will typically rent for 13 years before buying.
David Cox, ARLA managing director, said: “The rising cost of rent in this country is a huge issue, and is preventing tenants from being able to save to buy a home.
“Our Cost of Renting report reveals that tenants are already spending a significant proportion of their income on rent, and therefore struggling to save any money.
“However, as house price affordability worsens and interest rates start rising, more pressure will be put on renting with weekly rent likely to rise, so home ownership will remain out of reach for many.
“Rents are becoming alarmingly unaffordable due to the lack of available housing.”