Purchasing a property is presently only £5,811 cheaper than renting over a period of 25 years.
Increasing interest rates and rising house prices are bumping up buying costs, which was £24,000 plus cheaper than renting over a 25 year mortgage term in 2006. So says recent research from the Abbey .
The average rental cost is currently £443,736, whilst purchasing a home costs £437,925, a difference of 1.3%.
Of course those who rent are not left with any asset, as opposed to those who pay off a mortgage .
This a quite a surprising convergence. Nonetheless, homeowners of course benefit from further house price rises as the value of their property increases over time.
In spite of the convergence, people still fare better owning a property.
Renting is cheaper in Wales , Northern Ireland, and the north west. Moreover, buying and renting cost the same in London, Yorkshire and the Midlands.
The best place to buy is East Scotland, followed closely by the north, south-east and East Anglia.
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Buying Supercedes Renting to the Tune of 5,000 GBP
Wed, 21 Nov 2007
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