#1 When looking at monthly accommodation, renting a property is actually more expensive, with the average rent being £868 and average monthly mortgage cost at £733. However they are just the apparent costs, this is excluding the costs of solicitors fees and moving costs when buying, as well as the maintenance and repair of the property which isn’t an expense for rented properties.
However there are financial benefits for buying a house, possibly the most pronounced is that your money is going towards owning a property, rather than into the landlords pocket. Additionally once you have fully payed off your mortgage, which is typically after 25 years, you will no longer have to pay these monthly costs, whereas if you were to rent you would.