Renting a lot more expensive than buying

According to recent Halifax data, the gap between the cost of renting in relation to cost of owning a property is at its highest level since 2009. An typical increase of £100 on monthly rent compares to a static cost in mortgage repayments for most home owners.

The rent on an average three bedroom house is now £769, which is 16 per cent more costly than the equivalent property under home ownerships, taking into account mortgage repayments and other costs.