propertytalk Live! - Owning a property beats renting in 9 out of 10 towns

propertytalk Live! - Owning a property beats renting in 9 out of 10 towns

The cost of servicing an interest-only mortgage is lower than the cost of renting the equivalent property in 44 of the 50 largest towns and cities across Britain, according to the latest research from property website Zoopla.co.uk.
Average rents for all two bedroom flats available outside London currently stand at £659 per month while the average asking price for all two bedroom flats currently for sale outside London is £139,451.
Owning one of these properties and servicing an interest-only mortgage at a conservative 5% per annum would cost £581 per month, making renting 13% more expensive and leaving buyers nearly £1,000 per year better off.
Places where buying beats renting by the biggest margin include York, Milton Keynes and Derby. At the other end of the spectrum and bucking the overall trend of buying being better, renting remains the cheaper option in Bournemouth, Swansea and Oldham.