More than £40,000 is spent on rent by the average Briton before they are in a position to buy their own home.
New findings by Santander Mortgages show that the typical person splashes out £41,900 on rent for an average of seven years prior to getting a foot on the property ladder.
However, not everyone is able to build up a deposit for their own home and those who remain a tenant for life will pay upwards of £296,000 for the privilege.
And while the average person rents for seven years prior to buying, some 15 per cent have to wait at least 11 years before joining the ladder.
Miguel Sard, head of Santander Mortgages, said that while renting might not be the most cost-effective option in the long run, it does appear to be the most viable to many people.
"The mortgage market is extremely competitive at present, with options available to suit most budgets. Raising sufficient deposit funds can be one of the biggest barriers to purchase, but our new range of Help to Buy mortgages offer competitive fixed and tracker rates to buyers," he explained.
As things stand, the average monthly payment stands at £657 per tenant, on top of the deposit that they had to stump up when they moved into a property.
Tenants tend to remain in a rented home for an average of three years, which can be a costly move as it opens people up to the risk of having some of their deposit taken by a landlord each time they move.
From the perspective of landlords, being able to rely on tenants to rent a home for an average of three years and for seven years before they are able to buy ensures that there is a steady stream of people looking to move in to their homes.
It was also found that landlords typically withhold 20 per cent of the average deposit when a tenant moves out.
Published on: February 19, 2014