Buying Is Cheaper Than Renting - For Now

First-time buyers now save £1,300 a year by taking out a mortgage rather than renting, according to Britain's biggest lender, the Halifax. Based on a three-bedroom house, the average first-time buyer pays £677 a month. The average rent paid on the same-sized property is £787, giving owners a monthly saving of £110. But experts warn historically low mortgage rates would not have to rise by much for the reverse to be true. The report says, at present, buying is cheaper than renting in all regions, except the East Midlands and East Anglia. Read more on the BBC website.