Renting now cheaper than buying in most UK cities
Zoopla, a leading UK property website, has determined that it's cheaper to rent than buy in many British cities and towns. Which British locations top the list?
Reading, Bristol and Cambridge: sharp property price rises
Places such as Reading, Bristol and Cambridge, which have seen a sharp rise in property prices recently, have joined the list of areas where it is now cheaper to rent rather than buy, while Glasgow and Dundee top the list of urban areas where rents were found to be more expensive than mortgage repayments.Earlier this month, Zoopla reported a decline in rents in London and SE England, mainly because a sharp rise in renting costs last year had led to affordability becoming increasingly stretched.Martin Totty, chief executive of HomeLet, said rents had also recently been rising at a more modest pace across the country for the same reason. “This trend is ongoing: we continue to see landlords and letting agents weighing tenant affordability considerations very seriously,” he said.In the latest survey, Zoopla calculated the average monthly rental payment across all 50 towns and cities to be £690, compared to average monthly mortgage repayments of £737.Lawrence Hall, a Zoopla spokesman, said: "These figures are encouraging for those who are currently renting and perhaps looking to save as much as they possibly can to get on the property ladder."It is important to remember that whilst renters may be better off in the short to medium term in some areas of the country, buying a property is a long term investment."Top 10 places where renting could be cheaper than (average monthly, average asking price, monthly mortgage repayment):
- London, £1,861, £599,950, £3,001
- Cambridge, £1,099, £297,498, £1,488
- Brighton, £1,199, £315,000, £1,576
- Reading, £1,000, £260,000, £1,301
- Bedford, £764, £195,000, £975
- Liverpool, £623, £156,750, £784
- Southampton, £779, £189,750, £949
- Bristol, £900, £210,995, £1,056
- Oldham, £476, £109,950, £550
- Bournemouth, £848, £194,975, £975
Top10 places where buying could be cheaper than renting:
- Glasgow, £649, £95,000, £475
- Dundee, £549, £82,000, £410
- Coventry, £775, £125,000, £625
- Bradford, £493, £79,998, £400
- Barnsley, £450, £75,000, £375
- Leeds, £736, £125,000, £625
- Middlesbrough, £497, £84,950, £425
- Bolton, £493, £85,000, £425
- Birmingham, £749, £130,000, £650
- Walsall, £523, £91,000, £455
For related news and features, visit our Property section.
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