It’s cheaper to buy than rent – Halifax
MONEY: First-time buyers in the UK are £651 a year better off, on average, buying their own home compared to those who rent, according to research by Halifax.
The average monthly costs associated with buying a threebedroomed house stood at £705 in December 2016; £54 or seven per cent lower than the typical monthly rent of £759 paid on the same property type. The latest Halifax Buying v Renting Review found that the gap between the cost of buying and renting has narrowed by £19 per month over the past year. In Yorkshire the monthly mortgage cost is £508 and rent is £525 making it three per cent cheaper to buy.