Owning a property is cheaper than renting across most of the UK, research finds

[Nicholas Wallwork]

Owning a property beats renting in nine out of 10 British towns with York, Milton Keynes and Derby the most cost effective for buyers, new research shows. These three towns are the most expensive to rent compared with buying but renting makes more financial sense in Bournemouth, Swansea and Oldham, the research from property website [...]

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[jane352]

According to report of several real estate firms, buying is clearly the better option than renting at the moment based, the difficulty in saving for a deposit and the tight lending conditions are preventing huge swathes of would be buyers from taking advantage of the current lower cost of owning a home.
Current asking prices for two bedroom flats in the capital at £483,069 and the average rent on an equivalent property at £2,362 per month, owners in London are £4,200 per year better off than renters. With more potential buyers being forced into the rental market, rents are rising based on the higher demand.