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First time buyers 'pay £1,300 less a year than renters'

The cost of owning a home for a first-time buyer is now around £1,300 less a year than renting, new research has found.

Running a three bedroom house costs £677 on average for someone taking their first step on the property ladder, according to the Halifax bank.

That is £110 lower than the typical monthly rent paid on a similar property, they said.

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Research shows first-time buyers pay less than renters

First-time buyers are now paying around £1,300 less than people who rent, new research has found.

First time buyers pay £1,300 less than renters according to Halifax. Credit: PA

Running a three-bedroom house for someone taking their first step on the property ladder now costs £677, which is £110 lower than the typical monthly rent paid on a similar property, according to the Halifax bank.

They said that while the typical monthly cost of buying a home has increased by £25 compared with a year ago, typical rental costs have have risen by £42 a month to now stand at £787 a month on average.

Five years ago, the average cost of owning your first property was around £37 a month more expensive than renting, they added.

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