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Is buying a home cheaper than renting?

Posted on 21 February 2013

A new report says the average cost of paying off a mortgage is now £120 a month cheaper than paying rent. But is it that simple? A combination of plummeting mortgage costs and soaring monthly rents has meant that buying a home is now on average £120 cheaper than renting across the UK – and the gap has widened in the last year.
According to Halifax, the monthly costs associated with buying a three-bedroom house are now 16% lower than renting one, and this has risen from 14% in 2011. Average mortgage costs are £621 a month, compared to typical monthly rent of £741, says the bank. Over a year this amounts to a healthy saving of £1,140 for homeowners……………………………………Full Article: Source


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