IT’S cheaper to own a property than to rent in more than a third of UK cities.

That’s according to research by Zoopla which shows that buying is especially cost effective in Scotland where in Glasgow homeowners are £100 a month better off than renters. Meanwhile, in Hull, buyers pay on average £397 towards their mortgage compared to renters who pay on average £452 a month.

Lawrence Hall of Zoopla said: “Aside from the initial deposit, and all the fees associated with the actual house purchase, the financial strain of buying can be overstated. In addition to the peace of mind that home buying brings, many owners enjoy more disposable income at the end of every month than their renting counterparts. If they can make the leap, and are willing to relinquish the flexibility that comes with renting, tenants up North in particular would be much better off buying and paying off a mortgage every month.

“Scotland and the North of England are cementing their standing as international university hubs – boasting seats of learning such as York, Edinburgh and Durham. This means increasingly high numbers of students flock to these areas – all looking for places to stay and driving up rents as a result.”

In London and the South East however, renting still represents good value for money for tenants due to soaring house prices. The average London tenant pays £2,218 a month in rent. Homeowners, however, pay on average £3,302 in mortgage payments.

Buyers in Reading and Cambridge also pay hefty mortgage repayments. In Reading owners typically pay £3,600 a year more than tenants and in Cambridge it costs £3,700 a year more to service a mortgage than to rent a property.