Buying v renting costs widen by 8%

This article from Property Reporter explains how new data from Halifax shows the gap between buying and renting has stretched by 8% in the last 12 months. When comparing the costs associated with a mortgage for a three-bed property to the costs of renting the same type of property, first-time buyers would be £800 better off than renters. In the last year, the monthly cost to rent has increased by 10% to £821, but the cost of mortgaging a property has only increased by 1% to £753. This is despite the average first-time buyer deposit increasing by £11,677 over the last year to £58,986. Click here to read more from Property Reporter.