Renters spend £163,000 before buying a home - how to get help

Ever feel like you’re just throwing money away on rent? Turns out, you might be on to something. New research from mortgage lender Perenna shows the average first-time buyer spends a staggering £163,000 on rent before finally getting the keys to their own place.

This really highlights just how tough it’s become to save for a deposit while paying ever increasing rents. Let’s dig in to why rents are so high and what support is available.

Why is renting so expensive now?

Back in 2015, renters spent around £116,000 before buying their first home. Just ten years, this figure has shot up by nearly £47,000.

And it’s not just the cost that’s driving this increase; people are renting for longer too. On average, first-time buyers now rent for almost 13 years, compared to just over 11 years a decade ago.

That’s a lot of rent paid before you even start paying off a mortgage.

What’s driving this?

Rents are rising faster than wages and inflation, which makes saving even harder. According to the Office for National Statistics, over the last 12 months:

• private rents are up 5.7% in the past year
• inflation is at 3.8%
• wage growth is at 4.8%

So, rents are outpacing everything else.

Here’s what the monthly average rent looks like across the UK in 2025:

• England: £1,403
• Wales: £811
• Scotland: £1,002
• London: £2,253 (still the priciest)
• North East: £745 (the cheapest, but still a big chunk of income)

What support is available if you’re struggling

If your rent is eating most of your income and you’re starting to struggle, there is support out there. Here’s a quick overview:

• Universal Credit – if you’re of working age, UC can include a housing element to help with rent; it’s usually paid directly to your landlord
• Housing Benefit – if you’re over the state pension age, or in certain housing situations, you might qualify for help with paying your rent
• Discretionary Housing Payments – already getting UC or Housing Benefit but still short? DHPs can top up your rent for a while; apply though your local council
• charity grants – groups like Turn2us can help you find grants and extra support if you’re still struggling

If you’re not sure what benefits you qualify for, it’s worth checking out one of the free benefits calculators. You fill out a little bit of information about your personal circumstances and you’re then told what support you’re entitled to.