Cost of renting revealed

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People who rent a home spend an average of £1.1 million more over their lifetime than homeowners, according to a study which also said that two-thirds of tenants have no plans to ever buy a house or flat.

Direct Line for Business said that raising a deposit and meeting a lender’s criteria were the biggest hurdles, a fifth did not want the financial commitment of home ownership, a fifth did not want the cost or hassle of maintaining it, and just under a fifth did not want to be tied to one area.

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