- Renting a home in Britain has become more affordable than purchasing one for the first time since June last year, according to new data from property portal Rightmove.
- The average advertised monthly rent across Britain stands at £1,547, which is £123 less than the average new monthly mortgage payment of £1,670.
- This significant shift is primarily attributed to a sharp rise in borrowing costs since early March, influenced by escalating tensions in the Middle East and increased swap rates.
- As a result, the average two-year fixed mortgage rate has increased from 4.24 per cent in February to 5.35 per cent in April, leading many lenders to withdraw deals from the market.
- While renting is cheaper than a mortgage on average across Britain, it remains more affordable to buy in Scotland and the North East, with substantial regional variations in the cost difference.
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