Buying vs Renting : Comparing which is best in the top cities

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New report list cities where buying is cheaper than renting and renting cheaper than buying

Buying property now costs less than renting in more than half of UK cities – and the biggest savings are in Doncaster, Hull, Bradford and Glasgow. Peterborough as pictured above is number one with buying cheaper than renting.

Doncaster, Hull, Bradford and Glasgow have been named in a new report as the top four cheapest areas in the UK to purchase a house, with mortgage repayments totalling as little as £520 per month for a two bedroom house in Glasgow in comparison to £729 average rent per month.

Using property website Zoopla’s API, housebuilder Strata Homes has calculated the average sale price of two bedroom properties in the UK and worked out the typical average monthly mortgage repayments in contrast with average monthly rental fees of two bedroom properties around the UK. The study reveals that monthly mortgage repayments works out cheaper than renting in over half of UK cities.

Gemma Smith, sales director at Strata Homes, said: “Once you get over the initial deposit sum, people are surprised at how much you can save in some areas of the UK than to rent. Thanks to the Help to Buy scheme, it is easier than ever to get onto the property ladder with over 3,000 accounts opened so far this year.”

Top Cities buying is cheaper than renting

Peterborough (+£244pcm)
Glasgow (£+209pcm)
Coventry (£+106pcm)
Manchester (£+86pcm)
Leeds (£+67pcm)
Newcastle (£+59)
Stoke on Trent (£+53pcm)
Hull (£+51pcm)
Doncaster (£+47pcm)
Liverpool (£+43pcm)
Derby (£+32pcm)
Sheffield (£+32pcm)
Bradford (£+28pcm)
Nottingham (£+6pcm)

Top cities renting is cheaper than buying

Birmingham (-£2pcm)
Cardiff (-£14pcm)
Wakefield (-£25pcm)
Edinburgh (-£26pcm)
York (-£35pcm)
Plymouth (-£44pcm)
Southampton (-£69pcm)
Portsmouth (-£87pcm)
Swansea (-£101pcm)
Bristol (-£164pcm)
Brighton (-£430pcm)
London (-£1,690pcm)

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Written by: Houseladder