London, the South East and Scotland have all become locations where it’s cheaper to rent a house than buy one.
According to research from Santander, the average monthly cost of renting is much lower than average monthly mortgage repayments in all three of these regions.
The study showed that Londoners can expect to spend £478 less a month when renting a property in the capital, compared to those paying back mortgage lenders. Scots can wipe £84 from their monthly living costs, whilst those in the South East can save £56 a month by renting.
Commenting on the research, Santander director or mortgage marketing Phil Cliff told telegraph.co.uk: “When we first conducted this research in 2010, London was the only UK location where it was cheaper to rent than buy. Now, a demand for housing and rising house prices has seen both the South East and Scotland join its ranks.”
Of course, there are still advantages to buying a home in these areas. Mortgage customers are likely to remain attracted to one day having a home with no monthly costs attached. In fact, recent stats show that estate agency personnel in London remain at their busiest for years, especially with first-time buyers.
According to dailymail.co.uk, the amount of mortgages agreed with first-time buyers in the capital rocketed to a five-year high in the last quarter.