Buying a home in the East Midlands is a far cheaper option than renting, research from The Nottingham has revealed.
While most regions of the UK have seen the cost of renting fall, a rental surge in the East Midlands has seen average monthly rentals bucking the national trend by rising to £633.
Research shows that the average benefit of buying a home in the East Midlands is worth more than £13,000 over a 25-year period, this is because mortgage payments for a home worth £80,000 could be as low as £508 a month. Even taking into account the cost of a deposit and maintenance this is a saving of over £500 a year for the home owner.
The Nottingham’s Rachel Slack said:"It’s a common belief that renting is cheaper than buying a house, but as our research demonstrates, this is not the case in the East Midlands.
"£13,000 is a big saving, particularly in the current climate when every penny counts and I would urge people considering renting to come into one of our branches and check out the affordable properties we have just waiting to be snapped up across Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire."
She added: "The Nottingham’s first time buyer mortgage requires only a 5% deposit and has been launched especially to help those people looking to take their first steps onto the property ladder."