Buying is cheaper than renting in 47 out of the 50 biggest towns in the UK

According to a recent study carried out by the property website Zoopla, renting a home as opposed to buying one only works out cheaper in 3 out of the 50 biggest towns in the UK which signals a leap in property affordability as this time last year, renting was cheaper in 10 out of the 50 largest towns in the country.

Swansea, Plymouth and Bournemouth were the only three locations in the UK where it was found that renting was cheaper than buying according to Zoopla’s results.

The average monthly rent in Swansea stands at £653 while the average cost of a property to buy is £172,871 meaning there is a rental discount of 9.3% annually whereas Milton Keynes was tipped as the best place in the UK to buy a property as opposed to rent as the monthly rent costs on average, £756, while the average asking prices on a home stands at £133,217, which means renting works out 36% more expensive leaving tenants £2,436 worse off a year compared to home owners.

With banks tightening their criteria for lending to would-be first time buyers as well as demanding even larger deposits, getting on the property ladder has never harder which is likely to be causing the discrepancy is the cost of renting versus owning.