In 74% of cases in Britain, it works out
cheaper to buy property than to rent on a long-term
basis. Statistics indicate that buying remains the
better option and is cheaper than renting in around
three quarters of the locations studied, with average
monthly mortgage repayments 8% lower than the cost
of renting. However,
this trend is largely dependent on location, and
there remain a number of regions where renting is
Here are the best and worst places for tenants to
search for a new home.
the top of the list of places where renting is a superior
option to buying is Huddersfield. In Huddersfield,
the average two bedroom property costs just £484
per month to rent. To purchase the same property,
you would be looking at spending £99,778. Renting
is also a more cost-effective option in locations
such as Oldham, Brighton, Swansea and Edinburgh, which
complete the top five rental hotspots.
5. Milton Keynes
Dundee is the most economical place to look for a
home for those wanting to purchase a property, with
average asking prices £99,320 for a two-bedroom
home, versus £531 per month in rent. Other locations
ideal for those looking to buy are Birmingham, Derby,
Cambridge and Milton Keynes.
however, the locale with the highest rents in the
country, has traditionally been a location where buying
is a more cost-effective option. With rapidly increasing
house prices, this is no longer the case. Although
the average rent on a two bedroom home currently stands
at a shocking £2,469 per calendar month, compared
to an eye-watering average asking price of £717,322,
renting makes the most sense economically.
rapid shifts are also to be expected, for the danger
of an inevitable rise in interest rates cannot be
ignored. A growth of just 1 per cent would render
a static rental market more cost-effective in 80 per
cent of locations.
to expert Nicholas Leeming: "Conventional wisdom
in that buying is better than renting in the property
market holds true for most places around the country.
However, there are places where renting is the better
option which may be driven by an excess of buy-to-let
flats or a shortage of properties for sale."
Soon, it would seem, this will no longer apply in
'some places', but 'most places'.