New cost of living survey reveals it is cheaper to buy than rent except for 6 towns
The insurer MoreThan has conducted research showing that buying is cheaper than renting accross the UK in all towns except 6. The reports analysed 72 towns comparing mortgage costs, rental costs, cost of living and council tax. With mortgages interest rates at record lows, payments on a mortgage where cheaper than rents in most cases.
The areas where it is cheaper to rent included Cambridge, Cromer, Croydon, Richmond, Westminster and St Austell. It was also found the larger the property the bigger the saving to rent.
The research suggested tenants could make more significant savings in larger properties. As shown below, tenants could save £374.45 renting a four bedroom property in Enfield, north London, and £919.44 in Cambridge.
|PROPERTY||AMOUNT SAVED PER MONTH BY RENTING|
|Four bed detached, Enfield||£374.45|
|Four bed detached, Penrith||£379.18|
|Four bed detached, Swansea||£491.91|
|Four bed detached, Aberystwyth||£535.89|
|Four bed detached, Richmond||£576.44|
|Four bed detached, Croydon||£592.01|
|Three bed semi, Aberystwyth||£606.78|
|Four bed detached, Harrow||£827.97|
|Four bed detached, Redbridge||£840.34|
|Four bed detached, Cambridge||£919.44|
|Three bed semi, Westminster||£3,772.30|
|Four bed detached, Westminster||£5,757.34|