The average mortgage in Coventry is now almost £200 cheaper each month than the cost of renting, according to new figures.
Exclusive research by the Trinity Mirror Data Unit shows that with interest rates at record lows, people in search of a home could be saving huge sums by buying rather than renting.
The average price for all properties in Coventry - including flats and apartments - stands at £112,423.
That translates to a monthly payment of just £361 for a typical two-year fixed-rate repayment mortgage with a 25 per cent deposit, according to the latest Bank of England figures.
By contrast, the average rent for all properties in Coventry stands at £556.
Even those who cannot afford a 25 per cent deposit - the most common type, according to the Bank of England - could be saving huge sums by buying instead of renting.
The average monthly payment on a ten per cent deposit stands at £527.
In fact, in 17 years, the average renter would have been able to buy the average home outright with the money they will have paid to their landlord.
But according to experts in Coventry, the problem most buyers face is finding the money needed for the deposit.
Carl Allsopp, the managing director of Coventry estate agents Allsopp & Allsopp - which has an office in New Union Street - said not everyone is in the position to buy.
He added: “Financially, it nearly always makes sense to buy a property rather than rent because you are paying towards an asset rather than forking out each month without any return.
“Of course, not everyone is in a position to buy because it’s not just about whether you can afford the monthly repayments on a mortgage but the size of the deposit you can get together.
“The latest figures make it even more of an obvious choice to buy where you possibly can.
“The market is improving in Coventry and our sales record over the past 12 months is very good and much of that is down to the confidence returning and, also, the affordability of finance.
“So now is a good time to buy but we would still urge that purchasers look at all the options available to them in terms of mortgages and also factor in that interest rates will eventually start to rise.”
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