Renting a typical home in Great Britain has become cheaper than meeting a new mortgage payment for the first time since June 2025, as rising mortgage rates push monthly buying costs higher, according to new analysis from Rightmove.
The average advertised monthly rent across Great Britain currently stands at £1,547, compared to an average new monthly mortgage payment of £1,670, leaving renters £123 better off each month.
Rightmove's calculations are based on the current average asking price of £373,971, the average two-year fixed rate of 5.35% recorded in April, and assume a 20% deposit spread over a 30-year term. Factors such as a larger deposit, a smaller loan or a longer repayment term can all reduce monthly mortgage costs.
The shift has been driven largely by a significant rise in mortgage rates over a short period. The average two-year fixed rate stood at 4.24% in February, before climbing to 5.35% by April.
That increase has pushed monthly mortgage payments above average rents in the majority of areas, with renting now cheaper than buying in more than two-thirds of local authorities, more than double the proportion seen in February when rates were lower.
The picture varies considerably by region. Scotland and the North East, where asking prices are lowest, remain the only parts of Great Britain where a typical new mortgage payment is still cheaper than renting.
At the other end of the scale, London and the South East, where house prices are highest, show the largest gap between average mortgage and rental costs.
Colleen Babcock, Rightmove's property expert, says the speed of the rate rise is worth watching closely. "Mortgage payments have risen quite sharply in a short space of time for new buyers," she said. "It will be interesting to see whether more would-be buyers turn to renting temporarily while rates remain high, particularly when monthly costs can exceed average rents and the timing of rate cuts is still unclear."
