The housing charity Shelter says first time buyers will soon need to be earning over £50,000 a year to afford an average home.Read the full story ›
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.
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.
- RENT CALCULATOR: Discover the home your rent could’ve bought you
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.
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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