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House purchase cheaper than renting in 84% of towns

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26/06/2012
The cost of owning a home is cheaper than renting in 84% of Britain, according to research by Zoopla.co.uk.

The study found that the number of towns and cities where home ownership was cheaper has risen over the past 12 months.

The average level of rent in Britain is now £1,785 per calendar month – up 2.7% since February.

The survey highlighted Milton Keynes, Dundee, Stoke-on-Trent and York as the places with the highest price disparity between renting and owning. Aberdeen, Bournemouth, Swansea and Oldham were noted for offering a far more attractive rental proposition.

Across the UK, it now costs around 14% more each month to rent a home than service a mortgage.

A lack of accessible mortgages and fall in wages were cited as reasons for rising rents across the country.

Zoopla’s Nicholas Leeming said:

“The climbing cost of renting is exacerbating the problems the property market currently faces.

“Higher rental costs leave less disposable income for renters to save for deposits.

“The problem will only ease if rental prices fall or mortgage availability improves dramatically, leaving the ball firmly in the court of Britain’s lenders.”

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