People who rent paying premium
THE average renter pays 9.9 per cent more than an owner with a 5 per cent mortgage, according to property website Zoopla.
It says renting a home is more expensive than buying across 80 per cent of Britain. The research compares asking prices to average rents for two-bedroom flats in the 50 largest cities and towns. In York, rents exceed mortgage payments by 39 per cent, with average monthly rents at £978.
Nicholas Leeming, commercial director of Zoopla.co.uk, says: “Buying has always been somewhat cheaper than renting. For those who are able to buy a home, costs are low, but for those who can’t, costs are much higher – and the doorway to entry into the housing market is narrower than ever.”