Figures from Zoopla.co.uk have concluded that property is cheaper to buy than to rent in 45 of the 50 largest towns across Britain.
An analysis of the rental and asking prices for all two-bedroom flats on the market has compared the cost of ownership to the rental cost, based on servicing an interest-only mortgage at 5% pa.
With low home prices and interest rates, coupled with high demand for rental property, those able to secure a mortgage have found themselves in a fortunate position. Potential buyers have been presented with a unique opportunity in light of current price reductions in the run-up to Christmas.
Milton Keynes was the location where buying was most significantly cheaper than renting – tenants were estimated to be £2,544 per year worse off, with rental costs more than 39% higher than the cost of owning.
Buying Now Cheaper than Renting Across 90% of Britain - Zoopla.co.uk