A brand-new online tool tells users how much it would cost to rent a house in various areas for a ‘lifetime of renting’ – which Barclays defines as 50 years. The online tool also compares the average cost of buying a property against the lifetime renting costs.
The tool lets users enter their chosen postcode or city, then calculating how much it would cost to rent a house in that area for a total of 50 years. It also shows the 10 most expensive locations for renting as well as the 10 most affordable.
The tool was created by the team at premier windows furnishing company www.thomas-sanderson.co.uk to show users the cost of ‘lifetime renting’, and how this compares to average property sale prices.
Users simply input a postcode or name of a city and the tool uses average monthly rent prices for each postcode to work out the overall cost of renting for 50 years. The results are displayed on an interactive map which also shows nearby postcode prices.
As well as showing users the cost of renting in their chosen postcode for a lifetime, it shows them how their location compares to other areas in the UK and where it ranks on a scale of affordable to expensive.
The tool also supplies information on the most and least affordable locations to rent for a lifetime. The top five most expensive locations were found to be:
Virginia Water, Surrey – £2,426,400 (average cost of renting for 50 years)
Cobham, Surrey – £2,322,000
Esher, Surrey– £2,300,400
Ascot, Berkshire – £1,993,800
Windlesham, Surrey – £1,938,000
Likewise, the top five most affordable locations were found to be:
Darvel, East Ayrshire – £187,200 (average cost of renting for 50 years)
Langholm, Dumfries and Galloway – £188,400
Stranraer, Dumfries and Galloway – £194,400
Halkirk, Caithness – £198,000
Annan, Dumfries and Galloway – £200,400
As well as all of this, the tool also shows users the difference between the average lifetime cost of renting in each area compared to the average house price, giving the average cost of each and the percentage difference between the two. The tool also reveals the top locations where it is more expensive to rent compared to buying, and the locations where it is most expensive to buy compared to renting.
The tool can be found here: https://www.thomas-sanderson.co.uk/resources/lifetime-cost-of-renting/
Richard Petrie, Marketing Director for www.thomas-sanderson.co.uk, made the following comments on the tool:
“There is often a misconception that renting is cheaper than buying a house, but when you look at the cost over 50 years, renting usually ends up a lot more expensive. We wanted to show this information in an accessible and interactive format, which is why we came up with this handy tool.”