30 Apr

Buying “cheaper than renting” in most of UK

Buying “cheaper than renting” in most of UK

Buying a home rather than renting costs less per month in the majority of UK cities, claims new research.

A study from Strata Homes shows show monthly mortgage repayments are now less than rent in more than 50 per cent of the country.

Some areas it remained cheaper to rent – London, Brighton, Bristol and Swansea – but this was not seen elsewhere in the UK.

The research was based on average sale price of two bedroom properties in the UK and the typical average monthly mortgage repayments compared to average monthly rental fees of similar two bedroom homes.

In particular, the use of government schemes also helped to make it more affordable to get on the property ladder rather than remain renting.

“Once you get over the initial deposit sum, people are surprised at how much you can save in some areas of the UK than to rent. Thanks to the Government's ISA Help to Buy scheme, it is easier than ever to get onto the property ladder with over 3,000 accounts opened so far this year,” said Gemma Smith, sales director at Strata Homes.ADNFCR-1222-ID-801817871-ADNFCR

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