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UK Property Portal News: Owning property 'cheaper than renting'
More people could be searching for flats and houses for sale in Mapesbury, London, after research showed buying property is now cheaper than renting it in the capital.
A survey by Zoopla found securing property to rent in London now costs £5,959 a year more than owning it, while an average renter in the UK shells out an extra 13 per cent each year than their owner counterparts.
In the capital, the average monthly rent is 28 per cent higher than the cost of ownership, the research found.
Nicholas Leeming of the property portal commented: "With house prices down, low interest rates and sky-high demand in the private rental sector, buying has never been a better option for those able to secure a mortgage.
"With owners reducing prices further in order to achieve a sale before Christmas, there may well not have been a better time to buy in recent times," he added.
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