Owning ‘cheaper than renting’

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The cost of owning a home in the UK is now an average £124 per month lower than renting, according to research by the Halifax.

The average monthly costs associated with owning a three-bedroom house stood at £645 in December last year – which is 16 per cent lower than the typical monthly rent of £769 paid on the same property type.

This is the largest cash difference since 2009, when the figure stood at just £6 and average monthly costs for owning and renting were £646 and £652 respectively.

In Yorkshire, the average cost of a house is £478, while renting is £512.