Portsmouth is the most affordable area for buying a home instead of renting, analysis from property and conveyancing solicitors Jones Whyte has found.
In the city buying with a mortgage costs £168 a month less than renting, at £1,128 compared to £1,296.
Burnley was second, with mortgages 12.96% cheaper than rent on average. Monthly mortgage costs stood at £507 and average rent was £75 per month more expensive at £582.
Manchester ranked third. A mortgage was £1,124 and rent was £142 more expensive on average at £1,266, a difference of 11.18%.
The cost of mortgages is based on buying with a 15% deposit for a 25-year term with a 4% interest rate.
Michael McLean, partner and solicitor advocate at Jones Whyte, said: “Historically, renting tended to be cheaper than buying.
“However, this is becoming less true as time goes on, which prompted us to look at just how much cheaper renting was than buying a house, and if there were any areas where it was cheaper to buy than rent.
“We found 14 local authorities where a representative mortgage cost less than average rents, including major cities such as Manchester, and even a borough of London in Tower Hamlets.
“This might signify how desirable moving to these areas may be, and that rents may have risen more quickly in these areas in response to this when compared to housing costs.”
Other areas where monthly mortgage payments are less than renting include Bristol, Newcastle, Southampton, Tower Hamlets, Nottingham, Southwark, and Lincoln.
