According to research from Abbey Mortgages - Buying is cheaper in every region except London - The average rent outside London in £434 per month whilst the average mortgage is £382 per month.
First time buyers having a good 20-25% deposit could benefit from the lower mortgage rates and make a possible monthly saving of £52 per month. Prospective buyers in Wales are set to make the biggest monthly savings at over £90, followed by those in the North West over £87, and Yorkshire over £77. Buyers in East Anglia will see the least savings of around £2.50 per month.
This research shows there is hope for first time buyers but underlines the importance of saving for a decent deposit, in order to benefit from the better mortgage deals.
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