It’s Cheaper to Rent UK Prime Property than to Buy It

PrimeLocation recently published its latest Prime Rental Index, which revealed that it is cheaper to rent prime property in UK than to buy it.

Company's data showed that average prime property rent rate now stands at 1,238 pounds, which compares to an average mortgage payment of 1,607 pounds a month.

This difference is even more pronounced in London, where monthly rent rates stand at 3,943 pounds, whereas mortgage payments reach 4,339 a month.

According to PrimeLocation experts, property will get even more affordable over the long term. In the past 2 years prices on prime property in the UK have fallen despite the fact that they have risen by 9.3% since January 2008. In the short term, however, “prices are expected to continue to rise … as historically April, May and June see big increases in Prime asking prices.”

You can access the full PDF version of the Prime Rental Index for April 2012 on the official website of PrimeLocation.