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To buy or not to buy

To buy or not to buy – that is the question

An interesting report on Zooplas blog suggests that around 74% of Britain shows buying cheaper than renting. This comes from a chart that looked at the average asking price for a 2 bedroom flat against the average monthly rent.

The top 10 places across Britain where renting a property beats buying and vice-versa in current climate is shown below. While buying wins out over renting today, the impact of a rise in interest rates cannot be ignored. If interest rates were to increase by 1% and rents to remain the same, renting would become more cost-effective in 80% of the UK.

To buy or not to buy property

To buy or to rent

It was also found that it is still cheaper to buy than rent in London, despite high prices. London’s average rents on two-bed flats are currently at £2,155 per month with average asking prices at £446,345.

buy or rent top 10 areas chart

The top place where renting is a better option than buying currently is Huddersfield, where the average two-bed flat costs only £493 per month to rent versus £146,898 to buy. Renting is also cheaper than buying in a number of other places including Oldham, Brighton, Swansea and Edinburgh.

posted by Zane in Buying,For Sale,Guide,Property,Renting,Zoopla and have No Comments

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