First-time buyers are now paying around £1,300 less than people who rent, new research has found.
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.
More top news
Kate Middleton attended a special service to celebrate the landmark occasion in her first engagement as Honorary Air Commandant
The ISIS execution gang fronted by 'Jihadi John' had two British extremists who learned radical Islam together in London, ITV News reveals.
Today started quite promising for many, largely dry and sunny.