The average lifetime cost of renting a house in Eastbourne can be more than twice as much as buying one, according to a new online guide.
The 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.
- For the BN20 area the average lifetime cost of renting is £673,800 while the average house price is £348,379.
- For the BN21 area, the average lifetime cost of renting is £451,200, while the average house price is £239,217.
- For the BN22 area the average lifetime cost of renting is £462,000 with the average house price £235,624.
- The biggest difference is in the BN23 area where the average lifetime cost of renting is £566,400 with the average house price £249,473.
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.