Renting now Almost as Expensive as Owning

The Chartered Institute of Housing and Hometrack, the property information firm have shown that renting on your own is almost as expensive as mortgage repayments on a simlar property.

The report says that renting is between 83% and 100% as expensive as the repayments on a mortgage on an equivalent property.

CIH Chief Executive, Sarah Webb said more people are becoming part of the renting generation.

She added: “We need government to recognise how unaffordable housing costs are for many people, not just in terms of becoming a homeowner, but covering day-to-day essentials. If people are to save for a rainy day, avoid reliance on the public purse, put money into their local economy, and avoid ill health caused by financial worries and unsuitable housing, we need national action to improve affordability across the housing market.”