UK 1st. time buyers throwing away their hard earned money

An unassisted first-time buyer in England will typically spend £81,321 ($129,948 CDN) over a period of 16 years on rent by the time they buy their first home, according to analysis from FindaProperty.com. The figures show that even those lucky enough to receive financial support when buying their first home – for example from “the bank of Mum and Dad” – will still be renting for an average of nine years and will spend £36,413 ($58,166 CDN) on rent in the process.

This is £44,908 ($71,728 CDN) less than the average lifetime rental spend of an unassisted buyer, who doesn’t get a financial leg up from their parents. Regional variations in this “lifetime rental spend” are dramatic, with those in the south paying substantially more over a longer period of time before they are able to purchase their first home. London has the country’s highest rental costs, and today’s unassisted first-time buyers will spend an average 31 years renting before they are able to buy their first property, spending more in the process than they would on their first property.
  A Londoner buying a home without any financial support from their family can expect to spend £308,558 ($492,816 CDN) as a renter, a fifth more than the typical cost of a first home in the capital.