The cost to rent a property is now more expensive than the average monthly mortgage payment in every area of the UK, according to the latest economic data. Rental property has surged in demand in recent years due to the constant increase in house prices over the last decade as well as other factors. For most people attempting to grasp the first rung of the property ladder a home deposit is out of reach and only pulling away further.

Average monthly rental cost now stands at £912, and average monthly mortgage repayment total sits at £723 for the first time buyer. That is a difference of £189 per month. Renters looking to save are having a more difficult time saving for a home deposit. Many times renters have moved out to be closer to a new job, university, or an opportunity to partner with someone instead of living under the roof of mum and dad.

This renter trend is expected to continue as prospective home buyers continue to be challenged reaching the property ladder. Government schemes like Help to Buy have made a difference, but housing costs have increased so fast compared with earnings it has been difficult for many to amass a home deposit.

According to the latest data, first time home buyers now need to put together an average home deposit of more than £51,000. For many renting, this figure is out of reach until house prices fall or incomes surge. This condition is especially discouraging in the capital city of London where those who rent are spending more than half their income each month on the rental cost itself.