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22-08-2023, 10:18 AM
Matt Drake
Tue, 22 August 2023 at 12:30 am SGT
It is now cheaper to rent a home than to buy one for the first time since 2010 because of the rise in mortgage rates.
According to property website Zoopla, the average UK rent is £1,163 per month, while average mortgage repayments are £1,285 for first-time buyers with a 15% deposit.
London and the southeast are the worst affected locations for higher mortgage rates than rent but it is still cheaper to buy in areas like northern England and Scotland.
https://sg.news.yahoo.com/rent-cheaper-m...52612.html
Tue, 22 August 2023 at 12:30 am SGT
It is now cheaper to rent a home than to buy one for the first time since 2010 because of the rise in mortgage rates.
According to property website Zoopla, the average UK rent is £1,163 per month, while average mortgage repayments are £1,285 for first-time buyers with a 15% deposit.
London and the southeast are the worst affected locations for higher mortgage rates than rent but it is still cheaper to buy in areas like northern England and Scotland.
https://sg.news.yahoo.com/rent-cheaper-m...52612.html
