People looking for their first home in the UK are better off purchasing rather than renting, as the gap has more than doubled in the last five years, new research has found.

On average, first time buyers are £865 better off each year when compared to those who rent. The South of England is the only region where renting is a comparatively cheaper option, according to Lloyds Bank.

How much is it costing?

Calculations show that the average monthly buying cost, including mortgage payments, connected with a first time buyer purchasing a three bedroom house was at £672 in December 2015, some £72 cheaper than the monthly rental value of a similar property type.

The number of first time buyers is estimated to have totalled 310,000 in 2015, largely unchanged from 311,700 in 2014. This represents an increase of 60% since the number of first time buyers fell to a recent low of 193,700 in 2011. The number of first time buyers accounted for 46% of all house purchases made with a mortgage in 2015.

William Naylor, “We’re seeing more young people get on to the housing market, government’s schemes such as help to buy have played a big part in this. It isn’t easy however saving up for a deposit for a house, renting is therefore frequently used as the best option to save a deposit. Once the deposit has been paid, as it has been shown, the monthly payments are noticeably cheaper.”

Whether you’re a first time buyer or already in the housing market, Naylor’s have a range of housing options available.

To find out more about the Harborough area or for information about properties available, contact Naylors Estate Agents on 01858 450020.