In Scotland; buying a house is much cheaper than renting one. Research by the Bank of Scotland shows that there is a difference in 59% depending on whether you rent or buy a house. Renting is much more expensive.
The bank said the change was due to a decline in average mortgage rates.
The bank's housing economist, Suren Thiru, described the improvement in the affordability of buying relative to renting as "significant".
The research also found that across the UK, average buying costs were about 14% lower than the cost of renting.
I think it is outrages that it’s cheaper to buy a house than to rent one. It should be the other way around. I know that due to the crisis it’s almost not possible to get your own home, but the fact that you could better buy one than rent one at the moment, is really not the way it should be. On the other hand, people do like to buy their house at one point in their lives; so way not right now. We’ll see what the future will bring us.
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