Households are £875, or 10%, a year better off buying instead of renting – provided they can raise the deposit, says the Halifax.
The figures underline major changes in the market. Five years ago, the same Halifax research found it was almost £900 a year cheaper to rent than to buy. The difference since 2008 has been made possible by lower mortgage rates and higher rents.
There are signs of increasing market activity, with the number of home buyers up 3% compared to the same period – the first half of the year – in 2012. This is despite the size of the average deposit at £40,628, up from £28,893 a year earlier.
Information sourced from Estate Agents Today.
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