Renting is common in England. Approximately one in five households occupied a dwelling that was privately rented. Multiple factors can influence the decision to rent or purchase a home such as affordability of housing and access to mortgages. Another question to ask is, is it cheaper to rent or to buy?
Cost of rent
Between 2008 and 2022, the average weekly rent for private renters in England increased from 153 British pounds to 209 British pounds. Nevertheless, rents vary widely across England. Looking at the average rent in England excluding London, renting cost over 40 British pounds less.
Buying vs renting costs
Since 2010, the average monthly costs of buying a home have been lower than renting it. The renting versus buying gap fluctuated during the period and in 2019, it reached its lowest value since 2010 of 19 British pounds. As of the fourth quarter of 2021, the house price to rent ratio was approximately 126.8 percent, meaningn that house price growth outpaced rental growth by nearly 27 percent since 2015.
