The average monthly costs associated with owning a three bedroom house in the UK stood at £645 in December 2013, a full 16 percent lower than the typical monthly rent of £769 paid on the same property type, the study found.

The £124 gap is the largest cash difference since 2009, when homeowners were a mere £6 better off than their renting counterparts.

While costs associated with owning a home have stayed constant, average monthly rents have increased by more than £100.

Craig McKinlay, mortgage director at Halifax, said: “Buying will continue to be a more financially attractive option as the cost of owning a home remains stable.

“With greater availability of mortgages that require smaller deposits, the property ladder has also become even more accessible for those who can afford the monthly costs of owning but had previously not been able to save the necessary deposit.”