Buying cheaper than renting.
An interesting article appeared on the Zoopla website yesterday with the headlines ‘Buying cheaper than renting in nearly half of Britain”s major cities’, with Glasgow, Coventry and Birmingham topping the list of places where buying beats renting.
Zoopla’s Lawrence Hall explained: “On top of the enjoyment that can come with owning your property, buyers may also find themselves with more disposable income at the end of the month than those renting their homes.
“Despite the very high rents of London, and relatively high rents of Cambridge, Brighton and other southern cities, getting on to the property ladder is still proving tough.
“The housing supply pressure in London in particular has become so intense that getting on to the property ladder can be significantly more costly per month than renting.”
According to the Zoopla news article, it is now cheaper to pay off a mortgage than to rent in 48% of Britain’s 50 biggest cities. The most cost-effective places to buy are Glasgow, Coventry and Birmingham. Renters are hundreds of pounds better off each month in Cambridge, London and Brighton.
To read the article in full on the Zoopla website click here