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Are you stuck in a rent trap?

New figures show people are paying out the equivalent of a housing deposit on their rent. Credit: ITV News

The average renter in the South West has paid over £38,000 to their landlord since 2010 - according to new figures released by the housing charity Shelter.

They says this leaves people caught in a "rent trap" - paying high housing costs and unable to keep up with rocketing house prices.

According to the figures, five years rent costing the same as an average 19% deposit for a first time buyer.

£38137
5 year rent for average two bedroom home in the South West
£195672
Average price of first time buyer home in the region

Highest rents in the region:

Living in an average rented home in Bath and North East Somerset would have meant paying out more than £49,000 over five years. In Bristol it’s £47,855, and £44,330 in parts of Dorset.

What could your rent have bought you?

Shelter have released an online calculator which helps people work out how much rent they've paid over a given time, and how far that money could have gone towards a first-time home.

Are you trying to save to buy your first home? Credit: ITV News

The charity is now calling for the government to invest in homes that people on ordinary wages can afford.

When just five years of rent could get you the deposit on a house, it’s no wonder the South West’s renters feel like they’re getting a raw deal, paying through the nose for something they can never call their own.

– Campbell Robb, Shelter Chief Executive

Government figures released last month showed that ‘generation rent’ is continuing to grow. 46% of 25-34 year olds now privately rent, compared to 24% 10 years ago.

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Big increase in house prices in Stroud

Stroud in Gloucestershire has seen the biggest increase in house prices, outside London and the South East Credit: ITV News

Stroud in Gloucestershire has seen the biggest increase in house prices, outside London and the South East.

The average home there now costs more than £282,000 a rise of 15% since the beginning of 2015, according to figures released today by Halifax.

Across the whole UK, house prices are up by an average of 10%.

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