Most people choose to rent a property, because it’s the more affordable option. Well in this case, buying is the cheaper option. Falling house prices and increased rent demands has made this possible.
On average, the cost of renting is now 13% more expensive than it is to own your own property. The top five areas where it was cheaper to rent are listed below, along with the percentage it was cheaper by.
- Milton Keynes – 39%
- Birmingham – 34%
- Northampton – 33%
- Warrington – 32%
- York – 29%
So as you can see, sometimes renting is not the cheaper option.