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Private Rental Sector is Booming In the last couple of years, the housing market has started to recover and in some parts of the UK there is a serious shortage of affordable properties for first time buyers which, combined with tough lending rules, has led to a boom in the private rental sector.
Thanks to demand, rental prices have been rising fast across many areas of the UK, most notably London and the southeast. A lot of younger people have found themselves priced out of the housing market and forced into renting a home instead. Interestingly, though, data released by one of the UK’s biggest lenders has revealed that the average monthly cost of buying a home is 8% lower than it would be to rent the same property.
Cheaper to Buy a Home Halifax data shows that the average monthly cost to a first time buyer of buying a three-bed property was £666, whereas rent for the same property would have been £722. Prices at the cheaper end of the property market have risen by 8% in the last twelve months, so the gap between renting and buying is narrowing.