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Buying Better and Cheaper Than Renting
According to Zoopla, a property information group, buying a property is now cheaper than renting in 74% of the UK.
Their research suggests that, assuming that an interest-only mortgage is charged at 5%, on average monthly mortgage repayments cost 8% less than rent.
The findings state that it is financially better to buy a property that rent in areas including London, Birmingham, Derby, Cambridge, Milton Keynes, Nottingham, York, Peterborough and Norwich.
Nicholas Leeming, commercial director of Zoopla, commented: “Conventional wisdom, that buying is better than renting in the property market, holds true for most places around the country. However, there are places where renting is the better option which may be driven by an excess of buy-to-let flats or a shortage of properties for sale.”
