While average rents increased to £885 and average mortgage payments rose to £998 in the three months to September,  in two thirds of UK council districts, it is actually cheaper to pay a monthly mortgage than monthly rent, according to figures from Experian.

Of course for many aspiring homeowners struggling to save a deposit, purchasing a property is still a distant dream.

But despite this caveat, Experian said Scotland is the best place to save money on a monthly basis by buying a property. The cost of paying a mortgage in cities such as Glasgow and surrounding areas is much lower than the average cost of renting.

Glaswegians can save more than a quarter (28%) by getting on the property ladder, with Dunbartonshire, North Ayrshire and North Lanarkshire also in the top 10 nationwide for mortgage savings.

In England, Mancunians could save the most money moving from renting to homeownership, with average monthly mortgage payments 20% lower than renting, saving £156 a month.

At the other end of the scale, Kensington and Chelsea is 144% more expensive to rent than to pay a mortgage on a property.

Jonathan Westley of Experian, said: “It’s no secret that UK property prices are at record levels, with the average cost of a house reaching six times average earnings. So it will be welcome news to many that they could potentially save cash by buying their first house. With rents continuing to rise, property values staying steady and interest rates staying at historic lows, many may find it easier to meet mortgage payments than to pay their rent – potentially saving more than a hundred pounds a month.”

Considering making the move from renting to homeownership?

If you’re a first-time buyer looking to take out a mortgage, here are Experian’s six top tips before taking the plunge:

1. Know what you have to spend: Consider what funds you can draw together to form your deposit. The size of your deposit will often determine how much you can borrow and how much you face in terms of interest rates and lender fees.
2. Do your research: Use mortgage calculators and comparison websites or speak to a mortgage adviser to find out where the best deals are and what type of mortgage will suit your circumstances.
3. Scrutinise your spending: Looking at your last few months’ outgoings carefully will not only help you understand exactly where your money is going, but to build good habits like clearing overdrafts and cutting back on discretionary spending. Getting into the habit of checking your credit score regularly can also help you to keep track on how your spending habits impact your credit rating.
4. Check your credit report: As soon as you make the decision to buy, check your credit report. Ensure everything is accurate and up-to-date and reflects your current circumstances – e.g. that all of your open credit accounts are recorded and that any old accounts have been marked as “settled”.
5. Room for improvement: If your credit report has areas for improvement, make a plan to get it into shape well before making your mortgage application. There are a number of steps you can take, including: ensuring you’re registered on the Electoral Roll; paying down outstanding balances to less than 50% of your limit; paying off more than the minimum repayments on your credit cards each month and making sure never to miss a repayment.
6. Don’t fall at the last hurdle: Right before you make your application, take time to do some last-minute checks. Check your credit report again to make sure nothing has changed and everything is accurate right before you apply. Check the exact way your address and other personal details appear on your credit report. Small inaccuracies could see your application turned down, so don’t overlook the details.