The news from Rightmove that the cost of renting in the UK is now cheaper than the average monthly mortgage payment for the first time since June 2025 will be a worry for potential movers and first-time buyers, says Propertymark.
Rightmove this week revealed that the current average advertised monthly rent across Great Britain is now £1,547. That compares to an average new monthly mortgage payment of £1,670 – a £123 saving for renters. It’s based on the average asking price for a home of £373,971, the average two-year fixed rate of 5.35% in April, and assumes a 20% deposit and mortgage term of 30 years.
Nathan Emerson, CEO at Propertymark, said: “Figures showing that mortgage payments are now exceeding rents in many areas will be a concern for homeowners and those aspiring to buy, and they clearly reflect the impact of higher interest rates on household finances.
“For many, the cost of borrowing has risen sharply in a short space of time, making homeownership less affordable and, in some cases, delaying plans to move or step onto the property ladder altogether.”
Buyers to renters?
Colleen Babcock, Rightmove’s property expert, agreed: “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.”
However, Emerson said this could prove a false economy. “While renting may appear comparatively cheaper in the short term, it does not necessarily mean it is more affordable overall, particularly as tenants continue to manage the cost of living and limited housing supply.”
According to the Rightmove figures. London and the southeast have the highest house prices and therefore the biggest gap between average mortgage and rental payments, with a £1,290 difference in Westminster, for example.
More locally, renting is cheaper than a mortgage in more than two-thirds of local authorities, a figure up from a third in February.
The only exceptions are in Scotland and the northeast, where prices are lowest and where a typical new mortgage is cheaper than renting – £325 cheaper in Glasgow City, for example.
The average two-year fixed mortgage rate has increased from 4.24% in February, before rates started rising, to 5.35% in April.