"Rent is dead money" versus "buying ties you down" is one of the oldest arguments going, and most of it is fought with national averages that don't match where you live. The only comparison that matters is the monthly one, in your area, with the same bills on both sides.
That's exactly what the renter and buyer views on every area page do. Same council tax, energy, water, broadband and insurance. The only thing that swaps is rent versus an estimated mortgage repayment.
What "cheaper" actually means month to month
The buyer view replaces rent with a repayment on a typical mortgage (you can change the price, deposit, rate and term). Everything else stays put, because your energy bill doesn't care whether you own or rent. So the comparison comes down to one question:
In this area, is a typical mortgage repayment higher or lower than the typical rent?
In a lot of lower-priced areas, buying can work out close to, or even below, renting on a pure monthly basis. In expensive areas, high prices push the mortgage figure well above rent. Take Bolton versus Kensington and Chelsea:
Open either and flip to the buyer view to see the mortgage estimate swap in. The gap between the two figures is the real story.
The costs the monthly comparison still misses
A like-for-like monthly figure is the fairest start, but buying carries one-off and occasional costs renting doesn't:
- Upfront: deposit, stamp duty, legal and survey fees, moving costs.
- Ongoing but lumpy: maintenance and repairs (budget around 1% of the property value a year), plus service charges and ground rent on leasehold flats.
Renting has its own: deposits, and rent that can rise at renewal. We show the steady monthly bills honestly; the lumpy stuff is yours to factor in.
Estimates, not quotes. We show our sources.
The mortgage figure is an estimate from the inputs you choose, not an offer. Real rates and what you can borrow depend on your circumstances and lender.
Work it out for your shortlist
- Find areas that fit your budget: set a monthly figure and see what's in reach.
- Compare two places side by side on both the renter and buyer views.
- Browse every area and toggle the view on the ones you're considering.
The right answer isn't national. It's local, and it's monthly. Check it for the places you'd actually move to.