Rents 'surging' in East Midlands

Posted: 15 Jul 2009 11:30:00 GMT

Renting a property in the East Midlands is now more expensive than buying, says new research.

Building society The Nottingham says that rent prices in the region have now risen to an average of £633 a month, despite most areas seeing a fall in rates.

Over a 25-year period the study's researchers calculate that buying a home in the East Midlands is worth a saving over £13,000.

The research suggests that by comparison mortgage payments for a home worth £80,000 could be just over £500 a month.

The Nottingham's Rachel Slack said: "It's a common belief that renting is cheaper than buying a house

"But as our research demonstrates, this is not the case in the East Midlands."

The study's findings come as a new government-backed development is unveiled in the area.

Housebuilders Miller Homes are offering a shared-equity scheme in The Vales, Bingham.

Those in need of affordable housing may be eligible for a loan of 30 per cent of the property's price.

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