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Should you rent or should you buy in Liverpool?

People thinking of setting up home in Liverpool will be interested to know that renting in the city could work out cheaper than buying a property.

People thinking of setting up home in Liverpool will be interested to know that renting in the city could work out cheaper than buying a property.

Property website Zoopla researched the monthly cost of renting a home with two bedrooms compared with paying a mortgage in Britain’s 50 biggest urban areas and found renting is cheaper than buying in 54% of locations - including Liverpool. This marks a turnaround compared with similar research carried out in October 2016, when buying was found to beat renting in most (60%) places.

Zoopla found that it cost £623-a-month to rent a two-bedroomed flat in Liverpool compared to monthly mortgage repayments of £784 on a typical first-time buyers flat in the city costing £156,750. It assumed a buyer would put down a 10% deposit and that they would be repaying their mortgage over 25 years.

The average monthly rent in London was found to be £1,861, while a mortgage repayment could set a home owner back by £3,001 a month where the typical property asking price is £599,950, the research found.

Meanwhile, Glasgow and Dundee topped the list of places where monthly mortgage payments were found to be cheaper than renting.

Lawrence Hall, a spokesman for Zoopla, said: “These figures are encouraging for those who are currently renting and perhaps looking to save as much as they possibly can to get on the property ladder.

“It is important to remember that whilst renters may be better off in the short to medium term in some areas of the country, buying a property is a long term investment.”

Here are the top 10 cities where renting could beat buying, according to Zoopla with the average monthly rent followed by the average home asking price and a monthly mortgage repayment based on someone having a 10% deposit:

1. London, £1,861, £599,950, £3,001

2. Cambridge, £1,099, £297,498, £1,488

3. Brighton, £1,199, £315,000, £1,576

4. Reading, £1,000, £260,000, £1,301

5. Bedford, £764, £195,000, £975

6. Liverpool, £623, £156,750, £784

7. Southampton, £779, £189,750, £949

8. Bristol, £900, £210,995, £1,056

9. Oldham, £476, £109,950, £550

10. Bournemouth, £848, £194,975, £975

 

To speak to one of our team at Belvoir Liverpool Central please call 0151 231 1613 or email dean.mcvay@belvoir.co.uk

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