Lifetime renting costs nearly £1.2m ($1.6m) more than buying a property after nine years of renting, according to developer Strata. The analysis estimated that average buyers would rent for nine years between the ages 21 and 30 before owning a property at £909 per month until age 81, giving a total spend of £427,363. However, a lifetime renter's cost of £909 a month would give a total spend of £1,624,980 over a 60-year period. A new report by estate agents Savills found that first-time buyers, who are often priced out of their local area, were paying an extra £1,250 in mortgage interest on average.
Lifetime renting costs nearly £1.2m ($1.6m) more than buying a property after nine years of renting, according to developer Strata. The analysis estimated that average buyers would rent for nine years between the ages 21 and 30 before owning a property at £909 per month until age 81, giving a total spend of £427,363. However, a lifetime renter's cost of £909 a month would give a total spend of £1,624,980 over a 60-year period. The difference between the two calculations in London reaches nearly £2m.