Rent costs down compared to mortgages

The average tenant spends 93p for every £1 spent on mortgage repayments, down from 96p in 2013.

House prices rose more quickly than rents over the past 12 months across 87% of the country, with the largest increase being in London and the South East.

The cost of renting relative to buying has fallen most quickly in London, where the average tenant spends 86p on rent compared to every £1 a homeowner spends on a mortgage.

Indeed, it is now cheaper to rent than it is to buy in 30 out of the 33 London boroughs, up from 25 in 2013.

Rents rose relative to buying mainly in parts of South Wales and North East England, as latterly they grow by 2% in the past 12 months while house prices fell.