According to Zoopla, mortgage repayments are cheaper than rental costs in 95% of towns. The only three locations in the survey where renting works out cheaper than buying a property are Swansea, Plymouth and Bournemouth.
This could not be truer than in London, where renting works out to be 31% more expensive than the cost of ownership, leaving renters paying £6,888 annually on average compared with owners.
Rents have soared due to high demand in the sector, as would-be buyers require large deposits and job security, have struggled to get on the property ladder. Nicholas Leeming, business development director of Zoopla.co.uk, said potential buyers had been unable to take advantage of the cheap deals on offer as they struggled to get access to a mortgage.
Financial Services Authority said this week that less than 2pc of all mortgages approved this year were for borrowers with less than a 10pc deposit. He said: “The shortage of financing, especially for first-time buyers, has pushed demand for rental property through the roof, but for those lucky enough to be in a position to get a mortgage, there may never be a better time to buy.”
Buying a home Milton Keynes was the most cost-effective compared with renting, leaving renters typically £2,436 a year worse off.
So if you are thinking of selling to move into rented accommodation you may want to think again. But should you decide to move house and require a house removal company, do not hesitate to contact Woltons Removals in Bedford, Bedforshire for local, national and international removals. Wolton Removals provide an extensive range of removal services, tailored to suit your needs and budget:
