The UK’s Top Cities Where Buying Beats Renting
Of the 10 top places in the UK where buying is more affordable than renting, seven of these are in Scotland according to Zoopla.
Zoopla compared the average monthly cost of renting a home with the monthly cost of repaying a mortgage across Britain’s local authority areas and Hartlepool in County Durham has been crowned Britain’s top location where buying is more cost-effective than renting.
Scottish locations made up seven of the top 10 areas where buying beats renting including East Ayrshire, North Lanarkshire, North Ayrshire, Falkirk, North Ayrshire, Clackmannanshire, South Lanarkshire and West Dumbartonshire.
To compare the cost of buying versus renting, Zoopla undertook analysis of current house and rental values of two-bedroom homes with a 25-year mortgage and a fixed interest rate of 1.89% based on 85% loan-to-value.
Overall, paying off monthly mortgage repayments is less expensive than paying rent in 75% of Britain’s local authority areas.
Top local authority areas where buying beats renting:
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