If you own your home you are now predicted to be £1,400 a year better off than someone renting according to a recent survey carried out. Recent mortgage deals mean you can typically pay £600 a month for a three-bedroom house – £116 cheaper than the average rent of £716. By contrast, homeowners in 2008 paid an average of £928 a month, 29 per cent more than the then typical rent.
On average house prices have also fallen by 11 per cent over the same period, further reducing mortgage payments for new buyers, at the same time, rents have risen in many areas of the country because of the high demand for accommodation.
By Debbie Wrigley
