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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 government policy is working'

Research showing that first time buyers pay £1,300 less than renters show that government policy is working, according to the Housing and Planning minister.

We've cut the deficit to keep interest rates low, built half a million homes and helped thousands of responsible, hard-working people purchase properties with smaller deposits through Help to Buy.

– Brandon Lewis

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