Renting a property is now cheaper than buying one in more than 50% of cities in Great Britain.
Property website Zoopla compared rental prices and mortgage costs in the country’s largest cities and found that the average monthly rental payment on a 2-bedroom property is £690, less than the average monthly mortgage cost of £737.
However it’s important to consider the long-term implications of renting and buying, not just the short-term savings. Lawrence Hall, spokesperson for Zoopla stated ‘whilst renters may be better off in the short to medium term in some areas of the country, buying a property is a long-term investment. With most buyers opting for mortgage terms of 25 years, buyers are likely to be better off overall compared to those who choose to rent.’
smarthomes Lettings Director Sarah Jenkins commented ‘We deal with both renters and buyers at smarthomes – our tenants prefer to rent in the short term for a variety of reasons – it lets them try out a new area, they can test out living with a new partner, it’s handy for those who relocate due to work and it also provides people with an opportunity to carry on saving for a deposit. We have a close relationship with our tenants as we’re their first port of call if anything goes wrong so we understand their needs and requirements better than most. Many of our tenants do want to buy, it’s just doing it at the time that’s right for them.’