Renting now cheaper than buying
The cost of renting a house in England and Wales is cheaper than the cost of buying it with a mortgage, say market analysts Hometrack.
Private rents in 2006 were two-thirds the cost of a 100% mortgage on a two- or three-bedroom house, for a young household on average incomes.
For many years, renting a home was thought to be just as expensive as buying one.
But that position has been changed by the rapid rise in house prices.
Professor Steve Wilcox of York University, who carried out the analysis, said that in many areas, people who were unable to buy a house could still afford to rent in the private sector.
“Not too long ago, there was little difference between the costs of buying and renting,” he said.
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