Renting is now cheaper than owning your first home in the north west

Renting in the UK is now more affordable than owning your first home in nearly all UK regions - according to Halifax. The latest data shows that first-time buyers in the north west are 'better off' renting a property rather than buying a home due to higher mortgage payments.

The monthly cost of owning a first home is now higher than the equivalent rental cost in nine out 12 UK regions. Renters are making the biggest savings compared to first-time buyers in the East of England, where they £2,325 better off on average each year. Halifax mortgages director Kim Kinnaird said: "Our latest analysis shows that, in nearly all regions across the UK, first-time buyers are better off renting than owning a similar home. In fact, the only regions where it’s cheaper to own rather than rent, are the South West, London and Scotland.

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