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Renting more expensive than buying
Buying a home in the East Midlands is a far cheaper option than renting - and could save thousands of pounds in the long term, research from The Nottingham has revealed.
While most regions of the UK have seen the cost of renting fall, a rental surge in the East Midlands has seen average monthly rentals bucking the national trend by rising to £633.
Research shows that the average benefit of buying a home in the East Midlands is worth more than £13k over a 25-year period, this is because mortgage payments for a home worth £80,000 could be as low as £508 a month. Even taking into account the cost of a deposit and maintenance this is a saving of over £500 a year for the home owner.
"It's a common belief that renting is cheaper than buying a house," commented The Nottingham's Rachel Slack. "But as our research demonstrates, this is not the case in the East Midlands. £13,000 is a big saving, particularly in the current climate when every penny counts.”
