Skip to content
     
 

Scots pay 7% less to buy than to rent

28/09/2023

Property buyers north of the border are paying, on average, seven per cent less to live in their homes than their counterparts in rented accommodation. According to a survey by the Bank of Scotland, the average monthly cost of a three-bedroom house was £505 in June, £40 lower than the typical rent of £545. In the last year, the cost of renting has increased by one per cent in Scotland, while buying costs have fallen by six per cent.

However, despite the increasing affordability of Scottish properties, the number of buyers in the market has almost halved over the last four years. There were 46,200 buyers with a mortgage in the 12 months to June 2012, according to the research, compared with 86,200 in June 2008.

“It is clearly encouraging that there has been a significant decline in the cost of buying a home for those able to enter the Scottish housing market since 2008,” said Nitesh Patel, housing economist at the Bank of Scotland. “The improvement is due to a combination of lower mortgage rates and declining house prices. In contrast, market conditions for renters have deteriorated slightly as rents have risen in the past two years.”

Buying Houses since 1972