Ignore the doomsayers, first timers, it's easier than you think - Mortgages, Money - The Independent

Ignore the doomsayers, first timers, it's easier than you think - Mortgages, Money - The Independent

News that it is now cheaper to buy rather than rent across 90 per cent of Britain may rub salt into the wounds of many frustrated first-time buyers (FTBs). But are things really as tough as they seem for those wanting to get that first foot on the property ladder?

New figures from property website Zoopla show that falling house prices and a jump in rental demand have meant that the average renter in Britain is currently paying 13 per cent more than the average owner.

Milton Keynes topped the list, with average rents at £760 for two-bed flats – over 39 per cent higher than the cost of owning – meaning that renters are forking out an extra £2,544 per year. In the capital, average rents stand at an eye-watering £2,291 while the average asking price for a two-bedroom flat is £430,608. So renters are paying an extra 28 per cent or £5,964 per year.