Is buying a home cheaper than renting?

In a recent analysis by Zoopla, it was found that mortgage repayments for first-time buyers are 20% cheaper than renting across Great Britain. This comes at a time when rising rents and increasing living costs are pushing many first-time buyers to consider purchasing a home as a more viable option. This blog explains how Gleeson provides a possible solution for first-time buyers looking to step onto the property ladder with affordable homes and lower deposit requirements.

Zoopla's analysis reveals that the cost of buying is lower than renting in most parts of the UK, with first-time buyer mortgage payments averaging £1,038 per month, 20% lower than rents (£1,248 per month). The savings are even more pronounced in areas like Newcastle and Liverpool, where buying can be up to 30% cheaper than renting. These regional variations underscore the financial benefits of homeownership in different parts of the country.

At Gleeson, we understand the challenges first-time buyers face, and we are committed to making homeownership more accessible. Our highly-affordable properties come with some deposits starting at less than £20,000 (based on a 10% deposit), easing the entry into the housing market for many buyers. We also offer exclusive schemes and incentives designed to make owning a home more achievable. Examples include a 5% deposit contribution and the Own New Rate Reducer, where homebuyers can get access to some of the most competitive mortgage interest rates in the market

We are also proud to collaborate with several mortgage specialists and independent financial advisors who can offer our customers over 400 mortgage options for 90% LTV (Loan-to-Value) mortgages, which help lower upfront costs and make buying more accessible. Even with a 90% LTV mortgage, purchasing a Gleeson Home remains significantly cheaper than renting in many areas, thanks to the lower deposit requirement compared to traditional housing.

Testimonials from Happy Gleeson Homeowners

"I definitely considered renting for a couple of months, but purchasing a home outweighed the benefits of long-term renting. Renting an apartment in the city centre would have cost me just as much monthly as starting my first mortgage." – Emma, Safari, Liverpool

“Whilst studying at university, we rented our accommodation, and our rent was over £1200 a month for a 2 bedroom flat. We always knew after university we wanted to buy a place of our own.” – Charley and Josh, Castledene, Durham, now own a Gleeson home and pay a mortgage of £759 PCM

While renting may feel more familiar, buying a home with Gleeson is now an achievable goal. With lower deposits and accessible mortgage options, we encourage potential homebuyers to explore our range of properties, which offer both affordability and long-term value.

For all references, visit Zoopla by clicking here.