Research implies renting in Northampton is more expensive than buying a house - Business - Northampton Chronicle & Echo

Research implies renting in Northampton is more expensive than buying a house - Business - Northampton Chronicle & Echo

NATIONAL research has shown Northampton is one of the top towns in the country to buy a property rather than rent.


The research showed that people who rent a property in Northampton can face monthly bills of up to 33 per cent more than those with a mortgage.

Nicholas Leeming, from Zoopla, who carried out the survey, said the difference was down to a drop in house prices and a rise in demand for rental properties. He said: “With house prices down, low interest rates and sky high demand in the private rental sector, buying has never been a better option for those able to secure a mortgage.”

The company’s research showed a two-bedroom flat in Northampton costs about £586 a month to rent. The same property bought with an interest-only mortgage would cost about £441 a month.

Richard Miller, from Northampton-based estate agents, Millers, agreed the cost of renting in the town was now encouraging more people to buy. He said: “We’re seeing that a lot of people who are looking at renting see the price and think to themselves, ‘at that price I could buy’.

“The only real problem people have in that situation is raising the deposit. That’s the big issue for first time buyers.

“But I think those who can get together the deposit are realising that now is a good time to buy.”