Renting now cheaper than buying a home in Britain, new data shows

• 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.

IN FULL

Cheaper to rent than buy UK homes after Iran war sparks surge in mortgage rates