BUYING a home in Scotland is often more cost-effective than renting, a new study has found.
Analysis by the property website Zoopla.co.uk has revealed that the cost of renting a two-bedroom home compared to servicing a mortgage works out cheaper than renting in 36 per cent of cities in the UK on a month-by-month basis.
Property purchasers did particularly well compared to their renting counterparts in Scotland and the North of England, with Scotland's largest city coming top of a league table of the best cities to buy property in.
According to Zoopla's figures, rental payments in Glasgow amount to an average of £596 per month, whereas monthly mortgage payments only totalled £447.
This means Glaswegian buyers are paying 25 per cent, or £149, a month less to own property than rent it.
A similar situation was found in Dundee, where the average rent of £522 was higher than the typical monthly mortgage payment of £412, while in Edinburgh buying was £62 cheaper with the standard monthly mortgage said to be £790 compared to a rental bill of £852.
Only Aberdeen renters were said to be better off, with the average cost of a let said to be £904 compared to a monthly mortgage of £1,117.
Lawrence Hall of Zoopla.co.uk said: “Aside from the initial deposit, and all the fees associated with the actual house purchase, the financial strain of buying can be overstated.
"In addition to the peace of mind that homebuying brings, many owners enjoy more disposable income at the end of every month than their renting counterparts.
"If they can make the leap, and are willing to relinquish the flexibility that comes with renting, tenants up north in particular would be much better off buying and paying off a mortgage every month."
He added: "Scotland and the North of England are cementing their standing as international university hubs, boasting seats of learning such as York, Edinburgh and Durham.
"This means increasingly high numbers of students are flock to these areas, all looking for places to stay and driving up rents as a result."
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