Have you ever sat down and worked out how much it costs to rent a property over a lifetime? It can work out at a surprisingly large amount depending on where you want to be in the UK. In this article, we’ll be uncovering which areas are the cheapest along with those that are the most expensive to rent for a lifetime.
On paper, owning your own home rather than renting seems like the ideal option; however, owning a home does come with some drawbacks. Firstly, as the owner, you are responsible for everything that goes wrong and believe us when we say there’s a lot that can go wrong.
Secondly, the majority who buy a property will need a mortgage to fund the purchase, and the monthly repayments are sometimes not much different to the cost of renting. There is also the possibility that the value of the property you own could fall (negative equity) depending on market conditions.
Thirdly, and this is probably the main selling point when it comes to renting, is its flexibility. When you rent, you’re only tied to a property for a specific period which means you can move to wherever you need to, for example, a job move, or if you find yourself next door to noisy and inconsiderate neighbours.
If you own a house and find yourself needing to move, you’ll be subject to market conditions. If the market is property buoyant, there is a good chance you’ll be off and away in a matter of months; however, if it’s not, you could find yourself stuck, leaving you the option of renting too.
Below are the five least expensive and five most expensive locations to rent a property for a lifetime in the UK; as you’ll see, the difference in areas can be many £millions.
The five most expensive areas to rent a property for a lifetime (50 years) in the UK:
- Ascot, Berkshire will cost you £3,329,400
- Henley-on-Thames, Oxfordshire will cost you £3,066,000
- West Molesey, Surrey will cost you £2,910,600
- Torrington, Litchfield will cost you £2,670,000
- Radlett, Hertfordshire will cost you £2,607,600
The five least expensive areas to rent a property for a lifetime (50 years) in the UK:
- East Boldon, Tyne and Wear will cost you £119,400
- Boldon Colliery, Tyne and Wear will cost you £135,000
- Mablethorpe, Lincolnshire will cost you £155,400
- Ardrossan, North Ayrshire will cost you £163,800
- Welshpool, Powys will cost you £165,000
How was the renting over a lifetime data compiled?
According to Barclays, Lifetime Renting is when a home is rented for a minimum of fifty years. Therefore, the figures in this article have all been based upon this. Researchers have gathered the average monthly cost for the majority of the UK’s postcodes to ascertain the overall cost of renting over a fifty-year period.
How to see the lifetime cost of renting in your own area
Thomas Sanderson, one of the UK’s leading shutter, blind and awning manufacturers, has created a handy tool that allows you to put in a postcode, and it will tell you how much it will cost to rent a property over a lifetime in that area. You can access it here.
Read more property articles, guides and features here.
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