14% cheaper to rent in London than to buy

If our previous blog suggested it, the latest statistics prove it – it is 7% cheaper to rent a house in the UK than it is to own it. And in prime London accommodation it is on average 14% cheaper, as house prices in the capital boom.

It is good news for users of Myrooms.co.uk – not only is the cost of renting relative to buying is at its cheapest since 2006, but taking room accommodation in a house share or flatshare situation proves even more profitable. The website allows prospective London tenants to search by area, price, rooms needed and rental period across a broad range of quality prime London locations, from The City to Mayfair, Shoreditch to Soho. From as little as £140 a week, a stylish furnished double room could be yours in highly sought-after areas.

The new 2014 figures from Countrywide Residential Lettings show that for every £1 that the average homeowner, with a 10pc deposit, spends on mortgage repayments, a tenant in rented accommodation is paying just 93p. In London, tenants are paying 86p to the homeowner’s £1, down from 93p a year ago. The Countrywide index revealed it is now cheaper to rent than it is to buy in 30 out of the 33 London boroughs, up from 25 in 2013.

As Nick Dunning, group commercial director at Countrywide, points out: “As house prices rise renting increasingly allows people to live in areas they would otherwise be unable to afford to buy.”

While rent rises of 1.7% are expected in 2014, average wage increases are expected to hit 2.2%, leaving renters with even more disposable income in their pocket – all the better to enjoy the vast array of events, eateries and nightlife in buzzing central London.

Myrooms.co.uk offers reliable service, with consultants responding to your enquiry within 24 hours.

For the latest hot house share and flatshare opportunities in central London, click here.