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  1. ITV Report

First-time buyers in London 'spend £70K on rent'

. Photo: Reuters.

The average first-time buyer in London will have to spend £70K on rent before they can afford to buy, according to startling new research.

Those who make it on to the property ladder this year will have spent an average of £68,300 on renting, whilst the picture for young people fresh to the capital, the situation is bleaker still.

Assuming they will rent until their early 30s, their average rent bill will be just over £90,000 by the time they can afford to buy a home, according to a report by the Association of Residential Lettings (Arla) and the Centre of Economics and Business Research.

The London rental market is competitive, with far more prospective tenants looking for properties than actual houses available.

This is pushing up rents in the capital, which will continue to put pressure on surrounding areas, including the south east of England, as Londoners relocate to avoid high rent costs

– Arla manager David Cox