It is cheaper to rent a home than purchase a new property, according to new research from PrimeLocation.com.
The company’s Prime Rental Index reveals the current state of the housing market in the UK means it is an average of £369 a month cheaper to let a property than buy.
This difference is even more marked in Yorkshire and the Humber, with the standard rent standing at £869 compared to a mortgage of £1,320.
Nigel Lewis, property analyst at PrimeLocation.com, said…
“It’s clear that across the UK the more expensive a home is, the better value you get by renting rather than owning it despite the low cost of borrowing at the moment.”
The study found it is 27 per cent cheaper to rent than buy in Wales and the East Midlands, while Scotland and the West Midlands come close behind at 26 and 25 per cent respectively.
Meanwhile, policy manager at the National Landlords Association Chris Norris recently claimed the buy-to-let sector in London and the south-east remains one of the strongest areas in the UK.
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