New research has shown that homeowners in the UK rent for an average of seven years before purchasing their first property. Santander’s study shows that on average £474 per tenant per month is being spent on rent, resulting in a rental spend of £296,000 in ones lifetime.
Miguel Sard, head of Santander Mortgages explains “Renting may appear to be the most financially viable option for some people, but in the majority of cases it isn’t the most cost effective. Over the years, payments made by rental tenants amount to a staggering sum, and these are not funds that you can recoup. The mortgage market is extremely competitive at present, with options available to suit most budgets. Raising sufficient deposit funds can be one of the biggest barriers to purchase.