Buying cheaper than renting

The monthlycost of buying your own home is more than £130 a month cheaper thanrenting, research revealed today.

Rising rentpayments and lower property prices and mortgage rates now mean thatproperty buyers pay 18% - or £132 - a month less on average than those whorent, according to Halifax.

The lendersaid that average monthly costs for buyers of a typical three-bedroom house -including mortgage payments and household maintenance and repair costs - were £600 in June, against £732 in rent paid on the same type of property.

Four yearsago, the average cost of buying and owning a home cost 45% - or £324 - morethan the average monthly rent.

But,despitethe improvements in affordability, the number of new buyers in the market hasfallen by 33% in the last four years as lenders are demandingincreasingly high deposits.

The researchshows that owning a home was more affordable than renting in all 12 regionsacross the UK.

In London,the typical homebuyer pays 14%, or £177, a month less than the average renter.

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