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Revealed: The cost of renting for life in every Leeds postcode

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Today we can reveal how much it would cost to rent a house for life in every Leeds postcode.

Figures show the city to be 555th most expensive area in Britain, out of 1,303, for a ‘lifetime of renting’ which Barclays defines as 50 years.

The most expensive postcode in the area being LS6, with the lifetime cost of renting at £780,000.

And the least expensive is LS11 at a cost of £312,000.

The info is available via a new online tool from window firm Thomas Sanderson have launched which 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.

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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.

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Richard Petrie, marketing director for www.thomas-sanderson.co.uk, said: “There is often a misconception that renting is cheaper than buying a house, but when you look at the cost over 50 years, renting usually ends up a lot more expensive. We wanted to show this information in an accessible and interactive format, which is why we came up with this handy tool.”