BUYING a home can be cheaper than renting, according to new research by Santander.
The bank found that first-time buyers could save around £2,300 a year on average by purchasing a home rather than renting.
Monthly mortgage repayments on a first home work out cheaper than renting a property in all regions of the UK, according to Santander Mortgages.
In fact, while rent typically sets people back £995 a month, the average mortgage repayment for a new buyer is just £805 — saving them £190 a month.
However, in Henley the average rental price is £1,500 per month and the average property costs around £550,000.
Note: the above figures are based on the average first-time borrower’s deposit of 21 per cent, meaning they have a mortgage of 79 per cent of the property’s price.