It is now no longer significantly cheaper to rent than buy, in terms of monthly outgoings, new analysis by RightMove has shown.
While average monthly mortgage payments (£901) outpace average monthly rental payments (£887), the gap in payments has slimmed over the past decade.
The property platform’s new analysis tracking first-time buyer affordability is based on a household withdrawing a 90 per cent loan-to-value mortgage, at the average two-year fixed interest rate.
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