Is it cheaper to rent in England than own a mortgaged property?
Friday 1st December 2023
25.60%
cheaper to rent in the
East of England
25.20%
cheaper to rent in the
East Midlands
25.10%
cheaper to rent in the
South East
23.60%
cheaper to rent in the
South West
How much cheaper is it to rent a home Vs owning a mortgaged property in England?
| Region | Property Price (average) | Monthly Mortgage Repayments (average) |
Monthly Rental Payments (average) | £ Difference (Mortgage vs Rental Payments) | % Difference (Mortgage vs Rental Payments) |
| South East | £394,096 | £1,815 | £1,359 | -£456 | 25.1% cheaper to rent |
| East of England | £352,723 | £1,624 | £1,208 | -£416 | 25.6% cheaper to rent |
| South West | £323,713 | £1,491 | £1,139 | -£352 | 23.6% cheaper to rent |
| East Midlands | £249,484 | £1,149 | £859 | -£290 | 25.2% cheaper to rent |
| London | £534,265 | £2,460 | £2,179 | -£281 | 11.4% cheaper to rent |
| West Midlands | £251,313 | £1,157 | £933 | -£224 | 19.4% cheaper to rent |
| Yorkshire & Humber | £212,730 | £980 | £866 | -£114 | 11.6% cheaper to rent |
| North East | £163,480 | £753 | £668 | -£85 | 11.3% cheaper to rent |
| North West | £215,648 | £993 | £1,006 | £13 | 1.3% more expensive to rent |
Based on: An average regional property price, homeowner repayment mortgage at 75% LTV, with October 2023's average 5.5% interest rate, and a 25-year term.
Dated: 19.12.23
Source: Finbri Data Analysis
