The average advertised rent in Great Britain is now cheaper than a typical new mortgage payment for the first time since June 2025, new Rightmove analysis shows.
The average advertised monthly rent across Great Britain is currently £1,547. This is £123 lower than the average new monthly mortgage payment of £1,670.
To calculate the average mortgage payment, Rightmove has used the current average asking price for a home of £373,971 and the average two-year fixed rate so far in April of 5.35%. The calculations assume a new buyer has a 20% deposit and has chosen to spread the cost of the mortgage over 30 years.
Scotland and the North East, where asking prices are lowest, are the only parts of Great Britain where a typical new mortgage is still cheaper than renting despite higher average mortgage rates.
London and the South East, where house prices are highest, have the largest gap between average mortgage and rental payments.
Looking at the data more locally, renting is cheaper than a mortgage in more than two-thirds of local authorities which has more than doubled in April from February.
The average two-year fixed mortgage rate has increased from 4.24% in February, before rates started rising, to 5.35% in April.
Colleen Babcock, Rightmove’s property expert, commented: “Mortgage payments have risen quite sharply in a short space of time for new buyers. 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.”
