Cost of renting nearly £1k a year more expensive than owning a home

Generally speaking, the conventional wisdom is that renting is cheaper than buying a home, which is why so many young people starting out elect to rent. However, new data from Halifax in fact shows that renting can be up to roughly £1,000 per year more expensive than purchasing. This is due to the presence of a “rent gap”, where young professionals are unable to accumulate enough capital to cross over into home ownership, thus leaving them at the mercy of landlords.