'˜Buying better value than renting' in half UK's cities
House buyers are better off than renters in almost half of Britain's 50 biggest cities, according to new research.
The figures from property website Zoopla reveal that in 48 per cent of our major cities it is now more cost effective to buy a two-bedroom home than rent - up significantly from 36 per cent in October 2015.
The best value for buyers is to be found in Glasgow, where the average mortgage payment is £450, compared with an average rental cost of £578. Closely following are Coventry and Birmingham where, once one-off purchase costs are out of the way, owners find themselves more than £100 a month better off, on average.
Zoopla’s Lawrence Hall commented: “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.”
However, in the south the roles are reversed, with Cambridge, London and Brighton proving the worst value for money for buyers.
In Cambridge tenants can expect to pay an average of £1,104 a month compared with the average £1,873 mortgage repayment.
Hall added: “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.”