Halifax's claim over renting v buying your first home could be good news for thousands of people
manchestereveningnews.co.ukRenting in the UK is now more affordable than owning your first home in nearly all UK regions - according to Halifax. The latest data shows that first-time buyers in the north west are 'better off' renting a property rather than buying a home due to higher mortgage payments.
The bank says that monthly home-owning costs for first-time buyers have risen 113 per cent in the last decade, while rental costs have gone up by 82pc.
The monthly cost of owning your first home in the north west is now £1,030, with the average rent costing £907. This means that renters will save around £1,475 a year, according to the latest Halifax Owning vs Renting Review, which tracks the costs of owning and renting a three-bedroom property for a typical first-time buyer across the UK. READ MORE: Rents are soaring in three Greater Manchester boroughs - and it's not Manchester A decade ago, the average monthly mortgage in the UK cost £605, whilst the standard rent was £750 per month - an annual difference of £1,388.
In 2023, owning a home in the UK was still considered to be more affordable than renting, with the average mortgage costing £1,231 whilst average rent prices were £1,258 - meaning homeowners would save around £319 a year.
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