Refreshing news for London's renters: a new study suggests that renting in the city is actually cheaper than paying off a mortgage. Take that, smug homeowners.
The news that being at the mercy of a landlord is leaving Londoners better off each month comes from analysis by property website Zoopla. Its findings suggest that owning a home in London sets people back an average of £15,216 more in payments than renting each year. That's a whopping 46 percent more.
This is based on the fact that the median rent per month in London is £2,109, compared with the average monthly mortgage payment of £3,377. No confirmation as to whether that's just because homeowners live in much plusher places than renters, though.
Lawrence Hall, a spokesperson for Zoopla, said this is down to lack of supply and the resulting ridiculous house prices – the average is £675,000. Though we're not the worst off city in terms of buying – Cambridge tops the website's list of most expensive places to buy rather than rent.
If you fancy feeling smug about buying a property then you could buy yourself a place in Glasgow, Coventry or Birmingham, the top three locations where buying beats renting. But that would involve leaving London, and who the hell wants to do that?
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