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How rent payments in London outweigh mortgage payments

Average rental prices are now higher than average mortgage repayments 😑 in every region of the UK, according to research from Santander Mortgages ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
According to Santander the average rent in the UK now stands at £912🙈 per household, compared to monthly mortgage repayments of £723 for the average first-time buyer👦👧🏡.
This equates to savings of £189 a month, or £2,268 a year for the typical first-time buyer.
The survey found the biggest savings to be made are in London, where the average rent is now £289 more a month than that average mortgage repayment.🤕
Other regions where there are significant savings to be made include Northern Ireland, where first-time buyers typically see savings of £178 a month; the North West (savings of £152 a month) and Scotland (savings of £134 a month). ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
The smallest differential is in the East of England, where average rents are just £43 higher per month. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Historically renting has appeared cheaper in London and the South East, where property prices have been consistently high.
But in recent years prices have stalled in these regions, while rents have continued to creep upwards. At the same time mortgage rates have remained at close to historic lows since the financial crash.
Santander points out that the average first-time buyer now needs a deposit of £51,905 though.

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How rent payments in London outweigh mortgage payments
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