Does renting pay?
The cost of home ownership is cheaper than renting in 42 of the top 50 towns and cities in Britain, according to property website Zoopla.co.uk.
The ongoing shortage of accessible mortgages and the fall in wages in real terms has created difficulties for first-time buyers resulting in a rise in demand for rental properties and pushing up average rents up across Britain. It now costs an average of 14% more per month to rent a home compared to servicing a mortgage on an equivalent property.
The average rent across Britain now stands at £1,785 per calendar month - up 2.7% since February. Milton Keynes, Dundee and Stoke-on-Trent top the list of places where owning beats renting by a large margin. At the other end of the spectrum, in Aberdeen, Bournemouth and Swansea renting is by far the better option.
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