Historically, on a monthly basis, it has been cheaper to be a homeowner than a
renter. However, recent studies showed a reverse towards the end of 2022, and on average,
the monthly payments for new mortgages are now more expensive than
monthly rent. Note: mortgage monthly payments based on average price of all properties. It is important to note that housing affordability has been very high in the UK, hence why more people have opted to rent. The recent interest rate hikes have made buying a home even more affordable for many aspiring home buyers. Source: Cushman & Wakefield Build to Rent Report Q4 2022
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