UK HOMEOWNERS STILL BETTER OFF THAN RENTERS DESPITE SPIKE IN INTEREST RATES – THE GUARDIAN

Average monthly cost of owning 3-bed home is £500 a year less than renting, but the gap is narrowing.

Homeowners in the UK are almost £500 better off a year than renters, according to new research from Halifax.

The average monthly cost of owning a three-bed home for first-time buyers is now £971, which is £42 lower than the average cost of renting an equivalent property, the mortgage lender said. Renters pay on average £1,013 each month – 4% more.

This equates to a saving of almost £500 a year for owners. However, the gap has narrowed since 2016, when homeowners were saving £1,567 annually. The cost of mortgages has gone up as the Bank of England has raised interest rates 10 times since December 2021 to 4%.

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