The cost of renting a house in England and Wales has gone up for 9th consecutive time, this is due to the decrease in the number of people that are renting the places so the cost of renting has gone up. so this is bad news for those who are looking to rent but the cost of rent is set to level out by Christmas so don’t be too worried.
Buying is cheaper than renting in England
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.
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