Renters Paid £4,000 More than Owners for Same Property over Past Five Years

Someone who has been unable to get on the property ladder for the last five years would have paid nearly £4,000 more to rent a typical home than if they had been able to buy the same house. Paying a mortgage on a first home is now £742 a year cheaper than renting the same property, according to the latest Buying vs Renting Review from Halifax. Five years ago, those renting typically paid £15 a month less than people buying their own home, but the position has reversed. Renters now pay £62 a month more, even with buyers’ costs of repairs and maintenance included. The total gap over the five years comes to £3,926. Read more on the Guardian website.