First time buyers in the capital end up paying over £68,000 in rent before they buy their first home.

The new research, conducted by the Association of Residential Lettings Agents, claims that Londoners will on average have forked out £68,300 before they buy their first home - almost double the figure paid out by first time buyers in the North East.

Last year alone, Londoners spent on average 30% of their wages on rent, much higher than the England average of just over 16%.

The study also found that those leaving home and starting to live independently in London will continue to be worse off, as they will spend an average of £91,500 on rent before they can buy their first home.

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According to the Association of Residential Lettings Agents, this is £23,100 more than those buying in the capital this year.

David Cox, managing director of ARLA, said: “The rising cost of rent in this country is a huge issue, and is preventing tenants from being able to save to buy a home.

“Our Cost of Renting report reveals that tenants are already spending a significant proportion of their income on rent, and therefore struggling to save any money.

“However, as house price affordability worsens and interest rates start rising, more pressure will be put on renting with weekly rent likely to rise, so home ownership will remain out of reach for many.

“Rents are becoming alarmingly unaffordable due to the lack of available housing; the North-South divide we’re currently seeing in the UK is a clear illustration of this.

“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, as Londoners relocate to avoid high rent costs.”

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