Renting less expensive than buying a property
Research from estate agency Hamptons, suggests that renters are better off than buyers for the first time in five years.
The study found that, just prior to the pandemic in March 2020, the average buyer with a 10% deposit was better off than renters by £102 per month. In May 2021, however, buyers were found to be worse off by £71 per month on average, spending £1,125 on mortgage repayments against the average £1,054 for renters.
This pattern has extended to most of Britain’s regions, with only three regions (North East, North West, and Yorkshire and the Humber) cheaper for buyers than renters in May 2021. On the other hand, London buyers have been hit hardest, going from being £123 better off a month buying (March 2020) to £251 better off renting (May 2021).