Renting in the East Midlands more expensive than buying

Buying a home in the East Midlands is a far cheaper option than renting - and could save you thousands of pounds in the long term, research from The Nottingham has revealed.

While most regions of the UK have seen the cost of renting fall, a rental surge in the East Midlands has seen average monthly rentals bucking the national trend by rising to £633.

Research shows that the average benefit of buying a home in the East Midlands is worth more than £13k over a 25-year period, this is because mortgage payments for a home worth £80,000 could be as low as £508 a month. Even taking into account the cost of a deposit and maintenance this is a saving of over £500 a year for the home owner.

"It's a common belief that renting is cheaper than buying a house," commented The Nottingham's Rachel Slack. "But as our research demonstrates, this is not the case in the East Midlands.

"£13,000 is a big saving, particularly in the current climate when every penny counts and I would urge people considering renting to come into one of our branches and check out the affordable properties we have just waiting to be snapped up across Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire."

The Nottingham has helped local people buy a home for over 160 years and is continuing to make home ownership a reality across the region, even in this difficult market.

Rachel added: "The Nottingham's first time buyer mortgage requires only a 5% deposit and has been launched especially to help those people looking to take their first steps onto the property ladder.

"Our friendly, expert mortgage advisers can talk to you about your options and help find the best mortgage for you. Even If you are not yet ready to buy then we can still help you save up your deposit with our first home saver account.

"Not only could you save yourself thousands in the long term but also setting yourself up for your future. The real benefit of buying your home over renting comes when you've paid your mortgage off, typically in 25-30 years time and can enjoy your retirement in comfort and living rent free."