Experts say renting a home better value than buying in Huddersfield

Jul 23 2010 Huddersfield Daily Examiner

Renting a home better value than buying in Huddersfield

MORTGAGE and home rental prices in Huddersfield are bucking the national trend, according to figures published this week.

Renting a two-bedroom property costs more per month than monthly mortgage repayments in three-quarters of UK towns and cities, according to property website Zoopla.co.uk.

But in Huddersfield the reverse is true with average monthly mortgage payments on a two-bedroom property costing £612, compared to £493 to rent an equivalent property.

The survey found Huddersfield to be the town where renting yielded the biggest savings.

By comparison in Leeds the average rent was £675 per month – more expensive than an average monthly mortgage repayment of £603.

Zoopla director Nicholas Leeming said: "Conventional wisdom that buying is better than renting in the property market holds true for most places around the country.

"However, there are places where renting is the better option which may be driven by an excess of by-to-let flats or a shortage of properties for sale."

Alex McNeil, director of Bramleys estate agents, said difficulties in obtaining a good value mortgage has made renting more attractive.

By renting people can afford to live in bigger and better properties said Mr McNeil, whose company sells and lets properties throughout Huddersfield.