Buying is cheaper than renting for most

December 19, 2017 by Brendan O'Neill

Home owners

According to recent research by Zoopla, it is cheaper to buy a property than to rent, unless you live in the capital.

The study of 50 cities in the UK, found that in 49 of them it was cheaper to buy than rent a home, saving an average of £1,600 per annum. However, London residents will pay £328 a month less by renting rather than buying their home. The average monthly rent across the UK, other than London, is £700.47, whereas buying a home costs £136.47 a month less.

House price growth across the UK has slowed down, with property values remaining static. Another study by Zoopla revealed that the selling prices for properties have been lower than the asking prices, by an average of 3.85%. The chief economist for the Royal Institution of Chartered Surveyors, Simon Rubinsohn, the housing market has been affected by the shortage of properties on the market, the uncertain economy and the higher cost of moving home.

Scottish home owners and those in the north of England save most, with Glasgow home owners saving the most in comparison to paying rent. The top 10 cities where homeowners pay less than renters include Doncaster, Middlesbrough and Barnsley. The spokesperson for Zoopla, Lawrence Hall, stated that the research shows that renters in the UK are paying far more than homeowners, in all cities other than London.

Mortgage advisors spend time on CeMAP courses so that they can help buyers to find the most suitable deal for them, making buying a house a viable option.