Where is it better to rent than buy?
It's best to rent in Bournemouth, Huddersfield and Swansea, but best to buy in Glasgow, Cambridge and Edinburgh, says new study.
Tuesday 11 February 2014
Aberdeen is the most cost-effective town in Britain for buying property compared to renting, according to new figures from Zoopla.
Over a seven year period, the average property owner in Aberdeen can expect to be £99,040 better off compared to the equivalent renter, says the property website. The average property price in Aberdeen is £206,060 with average monthly rents at £1,275.
However, a typical London renter would be £82,412 better off than a buyer with a 10 per cent deposit of an equivalent property. It would take 18 years for a London buyer with this sized deposit to begin to be financially better off than the renter. Bournemouth is the second most renter-friendly town in Britain, with average asking prices of £380,206 and average rents of £1,024.
Lawrence Hall of Zoopla.co.uk said: "Despite taking longer to be better off financially, London remains the holy grail in terms of property investment. It is much more buyer-friendly outside the capital but with rising average prices and low savings rates, accumulating a deposit has become increasingly difficult. It is important to remember that while renters may be better off in the short to medium term in some areas of the country, buyers are making a long-term investment. With most buyers opting for mortgage terms of 25 years, over the long term, buyers are likely to be better off compared to those who choose to rent."
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