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24.06.2024

Renting now cheaper than owning amid high UK mortgage cost

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

Renting now cheaper than owning amid high UK…

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  • Renting is proving to be a more cost-effective option for first-time buyers in the UK amidst high mortgage costs. The monthly cost of owning a home has reached £1,231, leading many to consider renting as a more affordable alternative.
  • In certain regions like the East of England, renters are enjoying annual savings of up to £2,325 compared to first-time buyers. This trend is attributed to higher mortgage rates and limited housing availability, which are pushing up property prices.
  • Notably, regions such as the South East, East Midlands, and Yorkshire & the Humber are witnessing significant yearly savings for renters, with owning a home costing more in these areas. However, the South West, London, and Scotland remain as the only regions where owning a first home is cheaper than renting, with the South West leading in annual savings of £1,663 for homeowners.
  • Overall, the monthly cost of owning a home for first-time buyers stands at £1,231, marking a minimal £27 difference compared to renting an equivalent property. This narrow gap between home ownership and renting is the smallest recorded since 2019.
  • An analysis comparing housing costs associated with mortgages and average monthly rents of three-bed properties revealed a 24% increase in rental costs to £1,258 and a 27% increase in home-owning costs to £1,231 in 2023. Looking back a decade, home-owning costs for first-time buyers have surged by 113%, while rental costs have risen by 82%.
  • Mortgage
  • Mortgage Advice
  • family home
  • buy or rent
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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