Buyers better off than renters in five years
Mortgage holders pay £316 more per month on average than renters, but within seven years they become £13,850 better off.
Average UK rents stand at £865 per month compared to a monthly mortgage repayments of £1,181.
Lawrence Hall, head of communication at Zoopla, said: “People who invest in property are playing the long game.
“While buyers have to swallow the initial upfront costs of purchasing a property, they ultimately reap the benefits over renters down the line from building up equity in an asset that they will own by the end of the mortgage term.
“With the strong house price growth we’ve experienced this year and interest rates still low, saving for even a 10% deposit takes its time.”
According to Zoopla the best place to own a home is Aberdeen, which requires mortgage payments of £1,099 compared to rents of £1,318, while Dundee and Glasgow were second and third on the list.
At the other end of the spectrum the best place to rent is Bournemouth, as they cost £1,103 per month compared to mortgage repayments of £1,990.
Second place is London, where homeowners pay £1,790 more than renters, while third is Huddersfield.