Buyers with mortgages pay £316 more on average per month compared to those renting comparable properties - but within five years owners recoup their initial buying costs and become better off, according to research by Zoopla.
The average monthly rent across the UK is now £865 claims the portal, whereas a mortgage is £1,181. But within five years the equity of a purchased property outstrips the savings; and after seven years, the average owner is £13,850 better off compared to an equivalent tenant.
There are, of course, significant regional variations to this, although not quite the clear-cut north-south divide that one might expect.
Bournemouth, London, Huddersfield, Colchester and Reading are the most cost-effective place for renters due to their higher property sale prices relative to rents. London owners, for example, pay £1,790 more a month than the average renter in the capital.
Aberdeen, Dundee, Glasgow, Hull and Birmingham are currently the most cost-effective towns for buying versus renting, as the average monthly mortgage payment is less than the average rent.
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