A first-time buyer purchasing a home this year will have spent an eye-watering £52,900 renting a property by the time they get on the bottom rung of the ladder, according to a report from the Association of Residential Letting Agents.

And the costs will be higher for future first-time buyers who are just leaving home this year. They can expect to spend 22% more by the time they come to buy their first property – totalling £64,400.

The report also revealed that the average first-time buyer in England in 2016 will have spent 16.4% of their total lifetime earnings on rent during the years they were a tenant.

Location, location, location

The cost of renting depends on your location with tenants in the North of England spending less than southerners. Those buying a property for the first time this year in the North East will have spent £31,300 on rent – the lowest amount in England. In London, the average amount spent is more than double that, at £68,300.

Last year UK tenants spent 22% of their wages on rent, increasing to 30% in London. Those living in the East enjoyed the most affordable rents due to relatively high earnings in the region, yet rent still accounted for 18.9% of their disposable income.

David Cox, managing director of the Association of Residential Letting Agents, said: “The rising cost of rent in this country is a huge issue, and is preventing tenants from being able to save to buy a home. Our Cost of Renting report reveals that tenants are already spending a significant proportion of their income on rent, and therefore struggling to save any money. However, as house price affordability worsens and interest rates start rising, more pressure will be put on renting with weekly rent likely to rise, so home ownership will remain out of reach for many.

“Rents are becoming alarmingly unaffordable due to the lack of available housing; the North-South divide we’re currently seeing in the UK is a clear illustration of this.”