30 Jan

Buying now 'cheaper than renting'

Buying now 'cheaper than renting'

Buying a property for sale in Brighton or other areas of the UK is now cheaper than renting in the private sector, according to the latest figures from Halifax.

The bank has reported that monthly payments for those who have a mortgage on a home are now 16 per cent cheaper on average than rental costs.

It says that the average repayment on a mortgage is now £600 per month, compared to the median rental cost of £716.

People looking to buy their first home may be able to benefit from this discrepancy, and they could also take advantage of the government's FirstBuy scheme, which allows them to buy a new home for just 80 per cent of its value, and with just a five per cent deposit.

Martin Ellis, housing economist at Halifax, said: "The average mortgage payment has fallen dramatically over recent years as a result of falling house prices and mortgage rates. At the same time, rents have risen due to strong demand for rented accommodation."ADNFCR-1222-ID-801278728-ADNFCR

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