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AUTUMN 2011 Buying now cheaper than renting

across 90% of Britain

Source: http://www.zoopla.co.uk

Falling house prices and increasing rental demand has made it cheaper to buy

a property than to rent one in 45 of the 50 largest towns across Britain. The

cost of renting is now 13% higher on average than the cost of owning,

according to the latest research from property website Zoopla.co.uk, which

lists over half a million properties for sale or to rent in Britain, analysed the

asking prices and rents for all two-bedroom flats currently on the market,

comparing the rental cost to the cost of ownership based on servicing an

interest-only mortgage at 5% p.a. Milton Keynes topped the list of locations

where buying beats renting with current rents more than 39% higher than the

cost of owning, leaving renters on average £2,544 per year worse off. At the

other end of the scale, renting remains more cost-effective in Aberdeen,

where it costs 9% more to own compared to rent, leaving owners on average

£936 worse off. In London, where the average asking price for 2-bedroom flats

currently stands at £430,608, buying still beats renting by a significant margin.

The average monthly rent in the capital today is 28% higher than the cost of

ownership, leaving renters paying an extra £5,964 annually compared to

owners. Nicholas Leeming, of Zoopla.co.uk, commented: "With house prices

down, low interest rates and sky high demand in the private rental sector,

buying has never been a better option for those able to secure a mortgage.

And with owners reducing prices further in order to achieve a sale before

Christmas, there may well not have been a better time to buy in recent times."

UK Property News http://www.ukpropertyshop.co.uk/news/1357.shtml

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With many years’ experience in the property business we know you need a letting agent

who understands your needs and can offer you a flexible service from let only or rent

collection to full management solutions.