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The average Briton spends a staggering £11,100 on rent

They will rent on average for three years before buying their own home, spending an additional £577 on letting fees and £587 in security deposits

People on average start renting at the age of 21 after leaving home, according to a poll of 2,000 tenants and home-owners.

While 60 per cent of people believe it is financially unwise to rent, 25 per cent do not view renting as unwise.

The most common number of homes rented before buying is one (for 56 per cent of people) followed by two (20 per cent), with most people renting alone (29 per cent) or with one other person (55 per cent).

The research was carried out by letting agent Harry Dhaliwal of the national property group Belvoir, ahead of forthcoming changes to buy-to-let stamp duty being introduced in April.

Industry related figures show that 22 per cent of households in the UK are now rented from private landlords, up from 9 per cent in 1985.

The average monthly rent in London is now £1560. Couple looking at houses for rent The most common number of homes rented before buying is one

Manchester-based letting agent Harry Dhaliwal who runs the city's franchise of the Belvoir group, said: "Sometimes the rhetoric around generation rent becomes quite exaggerated and whilst the rental market is growing so is the quality and variety of rental property. The average rent in UK is £761 per month including rents in London

"There are superb professional opportunities in most of the UK's main cities and in the digital age the flexibility around employment and running a business mean renting or buying outside London has probably never been more attractive." Housing distress: Make your rented house your cosy new HOME House prices: THIS could save you money on your mortgage rates