£124 a month cheaper to buy a home than rent

Tony Gosling tony at cultureshop.org.uk
Wed Mar 19 01:31:24 GMT 2014

£124 a month cheaper to buy a home than rent
Eight buyers chase every new instruction across the UK
  Alex Johnson     Monday 17 March 2014
The cost of owning a home in the UK is £124 per 
month lower than renting, according to Halifax. 
This is the largest difference since 2009, with 
rents rising 18 per cent in the last four years.
The report says that the average monthly costs of 
owning a three bedroom house were £645 in 
December 2013, 16 per cent lower than the typical 
monthly rent of £769 which the same property costs
In 2008, the monthly ownership cost was on 
average £226 (31 per cent) higher than rental costs.
Craig McKinlay, Mortgage Director, Halifax said: 
"There has been a substantial improvement in the 
affordability of owning compared to renting in 
recent years. Buying will continue to be a more 
financially attractive option as the cost of 
owning a home remains stable. With greater 
availability of mortgages that require smaller 
deposits, the property ladder has also become 
even more accessible for those who can afford the 
monthly costs of owning but had previously not 
been able to save the necessary deposit."
Owning a home is most affordable compared to 
renting in London where the typical homebuyer 
pays £188 a month less than the average renter 
(£1,196 vs £1,384). In the West Midlands and East 
Anglia the difference is tiny, with average 
monthly buying costs only £6 lower than average 
monthly rental costs (£553 against £559 and £633 against £640 respectively).
Meanwhile, a second report from Sequence - owners 
of Barnard Marcus and William H Brown - suggests 
that eight new buyers are chasing every new 
property that goes on the market,  with new 
buyers rising more than a quarter year-on-year.
David Plumtree, Chief Executive at Sequence, 
said: "Activity in the market and competition for 
property across the country is heating up as we 
edge closer to spring. The shortage of available 
property is resulting in rapid price growth, with 
the average UK house price now 12 per cent higher 
than this time last year and showing no signs of 
slowing down unless the supply/demand imbalance is rectified.
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