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.
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