A lifetime of renting in east London could cost you over £1 million and prices are on the rise.

An online tool shows users the cost of renting for a lifetime (50 years) in any postcode, and how much this has changed in the past year, displaying it on an interactive map.

In E18, South Woodford, the cost of a lifetime of rent is a staggering £1,245,600 – more than double the average amount a house in the area would cost, £516,651.

The lifetime cost of rent has risen a whopping 43.17 per cent since the first survey last year.

In Walthamstow, E17, residents can expect to pay £992,200 in rent over 50 years; the average price of a house is £493,399.

Last year, the cost of 50 years of renting in Walthamstow was estimated at £886,800 but prices have risen 3.99 per cent since.

In E4 the cost of 50 years rent is £924,000; the average price of a house is £450,230.

The estimated lifetime cost of renting has risen 7.17 per cent since last year when it was £862,000.

In IG4, Ilford and Woodford, the lifetime cost of renting has fallen 9.82 per cent since last year to £738,000; the average house costs £471,083.

In Newbury Park, IG2, the cost of 50 years’ rent has risen 9.18 per cent to £770,000; the average house costs £418,486.

Richard Petrie, marketing director for window furnishers Thomas Sanderson, who created the tool, said: “People often assume that renting is somewhat cheaper than buying a house, and in some cases this is true, however, when you look at the average cost over 50 years, it’s clear to see that renting really is ‘throwing money away’ as it almost always results in being more expensive.

“It’s amazing how drastically renting costs have changed in just one year; it sets a worrying precedence and they could certainly continue to get more expensive as we head into 2020.”