buying is cheaper than renting in over one third of cities
TRANSCRIPT
BUYING IS CHEAPER THAN RENTING IN OVER ONE THIRD OF CITIES
Buying a home using a mortgage is cheaper than monthly rent payments in over one third of British cities, according to recent research from Zoopla.
It reports that buying is most cost-effective in
the north, with homeowners in
Glasgow over £100 better off per month than if they rented.
However, in the south,
it is cheaper to rent than buy.
Zoopla states that as a national average, renters pay £58 less a month than buyers with a mortgage. The property portal’s study
compares the cost of renting with buying
a two-bedroom home.
In London, the typical rental property costs £2,218 per month, compared with an average monthly mortgage repayment of £3,302.
Meanwhile, in Hull, buyers pay an
average monthly repayment of £397,
while renters pay £452 a month.
TOP TEN AREAS WHERE RENTING IS CHEAPER THAN
BUYING1. London2. Reading
3. Cambridge4. Brighton5. Aberdeen
6. Bristol7. Norwich
8. York9. Bedford
10.Southampton
TOP TEN AREAS WHERE BUYING IS CHEAPER THAN RENTING
1. Glasgow2. Dundee
3. Birmingham4. Hull
5. Manchester6. Coventry7. Edinburgh8. Rotherham9. Bradford10. Sheffield
To compare the averages, Zoopla used a 25-year mortgage with repayments and a fixed interest rate at the current average best rate of 4.5%, based on 90% loan-to-value.