Halifax: mortgages are cheaper than renting


Taking out a first time mortgage is now cheaper than renting a property, according to new research from Halifax .
The latest Halifax Buying versus Renting Review reveals that an average UK mortgage is now more than £100 cheaper per month than the cost of renting, due in part to the availability of cheap mortgage deals from UK mortgage providers.
According to Halifax’s figures, the average monthly costs associated with purchasing a two bedroom flat in the UK for a first-time buyer was £567 in July 2011 – 16 per cent (£110) lower than the average rent paid on the same type of property (£677).
Meanwhile, the average cost of buying a home was 29 per cent (£212) more than the cost of the average rent in 2008.
Suren Thiru, a housing economist at Halifax, said: “The recent decline in the cost of buying a property for first-time buyers compared to renting has been substantial and reflects the drop in both mortgage rates and house prices since 2008.”
According to figures from the Office for National Statistics, Birmingham Midshires and Halifax, Greater London is the UK’s most expensive city, with average monthly rental costs standing at £1,119 in July 2011.
 

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