You are here: Home - Mortgages - Buy To Let - News -

House purchase cheaper than renting in 84% of towns

Written by:
The cost of owning a home is cheaper than renting in 84% of Britain, according to research by

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.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
A third clueless on credit cards

More than a third of UK credit card holders who don’t pay off their balance in full every month have...