London homeowners save almost £4,000 more than renters
Homeowners in London save almost £4,000 a year more than renters, according to the latest research.
Renters in the capital are paying 18 per cent more each month than those that own their own homes, losing out on annual savings of £3,727.
The research, which looked at the housing costs associated with a mortgage on a three-bed home compared to the average monthly rent for the same property type, found that the gap between owners and renters was the biggest in London.
The capital was followed by the south east, where renters pay 17 per cent more, and the south west and Scotland, where buyers save 16 per cent.
Buyers across all UK regions save more than 10 per cent when compared to renters in the same area, with the exception of Yorkshire and the Humber, where homeowners save just three per cent on average.
Halifax managing director Russell Galley said: “The overall gap between home buying and renting is at its smallest margin for 10 years, but this masks some significant regional variations where homeowners are making some considerable savings on monthly costs.
“While Londoners stand to save the most from home ownership compared to renting, buyers in the South East and South West of England and north of the border in Scotland are also reaping the benefits.
“Buyers in two thirds of UK regions are saving upwards of £1,000 a year from living in a home they own, with the smallest saving for homeowners in Yorkshire and Humberside at £227.”