As well as helping potential homeowners weigh up the financial benefits of renting versus buying in different postcodes, it also reveals which areas are the most expensive for a long-term tenancy and which are the most affordable.
According to www.thomas-sanderson.co.uk, which created the tool, the most expensive place in the UK to rent for a lifetime – defined as 50 years – is Virginia Water in Surrey (pictured). Here you will fork out an average of £2,426,400 if you remain a tenant for this time.
It is followed by Cobham in Surrey where the lifetime’s rent will set you back £2,322,000 and nearby Esher in Surrey where it will cost £2,300,400 for 50 years.
Meanwhile Darvel in East Ayrshire tops the most affordable renting locations. Here the average cost of renting for 50 years is £187,200.
Second is Langholm in Dumfries and Galloway, where the average lifetime’s rent is £188,400, and in third place is Stranraer, in the same region, which is £194,400 over 50 years.
Crucially, however, users of the tool can see the difference between the average lifetime cost of renting in each area compared to the average house price. It provides the average cost of both and the percentage difference between the two.
It also lists the top locations where it is more expensive to rent compared to buying, and vice versa.
Richard Petrie, marketing director for www.thomas-sanderson.co.uk, said: “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.”
You can access the tool by clicking here.
The top five most expensive locations (Source: www.thomas-sanderson.co.uk)
- 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
The top five most affordable locations (Source: www.thomas-sanderson.co.uk)
- 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
