Cheaper to buy than to rent the scales are tipping - apparently.

Abbey Mortgages have 'conjured' up some research that shows that house price falls are making it cheaper for first-time buyers with big deposits to buy a home than rent in most areas of the UK.

According to the mortgage company there are now only London and East Anglia where renting is less expensive than buying for those buyers with a 25% deposit.

The average price of a typical first-time buyer property, like a flat or terraced house, has fallen by 12.6% during the past year to average £111,628.

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