Renting a house in Swansea is Cheaper than buying.

Buying a home is now cheaper than renting in nearly half of UK cities, despite rising house prices, new figures suggest. 

Savings can be upwards of £600 a month in some areas when rental costs are compared with an average monthly mortgage.

 

Buying is now cheaper than renting in 48 per cent of cities, up from 36 per cent in October, according to property website Zoopla.

The North-South house price divide means buying a home in cities such as Glasgow and Birmingham comes out cheaper than renting, while the opposite is true in many cities in the South, the figures suggest.

The findings comes as a recent study from Nationwide found the average house price in the South is now worth more than double one in the North, with average UK house price inflation at nearly 6 per cent in March. 

TOP 10 CITIES WHERE RENTING IS CHEAPER THAN BUYING (monthly rent vs mortgage payment)

1. Cambridge - £1,104 vs £1,873 (52%)

2. London - £2,109 vs £3,377 (46%)

3. Brighton - £1,200 vs £1,601 (29%)

4. Swansea - £600 vs £800 (29%)

5. Wigan - £437 vs £550 (23%)

6. Aberdeen - £752 vs £930 (21%)

7. Reading - £1,104 vs £1,351 (20%)

8. Bournemouth - £826 vs £1,000 (19%)

9. Rotherham - £426 vs £500 (16%)

10. Southampton - £778 vs £900 (15%)