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£50k rent bill uncovered by new research into house costs
According to figures released by the Association of Residential Lettings Agents, the average first-time buyer will have spent over £50,000 in rental fees before purchasing a home.
As the average cost of living increases, the age at which a first-time buyer has saved enough for a deposit has risen from 23 in the 1960s to 35 in 2015. This has resulted in an alarming increase in the number of potential buyers finding themselves stuck in the perpetual purgatory that is the rent trap, and these recent statistics illustrate one of the many reasons why home ownership in the UK is becomes a progressively exclusive club.
“Rents are becoming alarmingly unaffordable due to the lack of available housing,” states David Cox, managing director of Arla. “The north-south divide we’re currently seeing in the UK is a clear illustration of this.”
While pre-purchasing rental costs are relatively low in the north east at £31,300, the closer to the capital the consumer wishes to buy, the more outrageous the figures sound – with the average first-time buyer in London having spent almost £70,000 by time they can fund a deposit.
So what does this mean for those trying to sell their homes? UK property experts warn that with increasing competition and rising prices across the country, those looking for a quick house sale may be in a for a shock when determining their asking price.
As rent prices in England continue to soar each year with an upsurge of 2.7% in 2015 alone, it’s clear that the younger generations are taking longer to gather the necessary wealth to gain a foothold on the property ladder, and the knock-on effects are being felt throughout the whole property industry.
Despite the doom and gloom, there are a number of options for those looking to sell their homes, with property buying companies operating nationwide helping those who are having difficulty selling, or simply need a fast sale.
If you’d like to sell your house quickly, ask UK property buyers National Homebuyers for advice, as we guarantee to buy any home. Call 08000 443 911 or request a call back to find out how much you could get for your property.
