The average lifetime cost of renting a house in Worthing 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.
In the BN11 area the average lifetime cost of renting is £508,200 while the average house price is £248,974.
In the BN12 area the average lifetime cost of renting is £585,600 while the average house price is £344,688.
For the BN13 area the average lifetime cost of renting is £622,200 with the average house price of £299,074.
While in the BN14 area the average lifetime cost of renting is £530,400 with the average house price of £323,817.
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.