Renting is now cheaper than buying across much of the UK – but not in one Greater Manchester area

New statistics have revealed that renting a property is now cheaper than buying one across much of the UK.

But in one popular Greater Manchester area, it still remains the other way around.

According to leading property platform Rightmove, which has analysed the latest price data, the average monthly rent in Great Britain is now lower than a typical new mortgage payment – with the average advertised monthly rent nationwide being £1,547 and a new mortgage on a typical home currently costing around £1,670 a month.

This means that renters, for the first time since June 2025, are coming out £123 a month better off than buyers.

Rightmove says that, to arrive at that figure, it used the current average asking price of £373,971, paired with the average two-year fixed rate of 5.35% recorded so far in April, and with calculations assuming a 20% deposit and a 30-year term.

So, what has changed then? Well, the simple answer is that mortgage rates have gone up.

The average two-year fixed rate sat at 4.24% in February, but by April, it had climbed to 5.35%, and unfortunately, that increase is enough to push a new buyer’s monthly payment above what many people are currently paying in rent.

The national picture does not tell the whole story though, however, as there are real differences from one part of the country to another, largely driven by local property prices.

As mentioned earlier, there is one popular Greater Manchester residential area where buying is still cheaper than renting overall, according to the latest data – and that is Salford.

In Salford, the average asking price of a property is £245,478 with an average monthly mortgage repayment being £1,096, whereas the average monthly rent sits at £1,323, so this means that a +£277 difference.

Rightmove property experts say Salford is helped by ‘more affordable’ property prices keeping borrowing costs ‘in check’.

Read more:

• Manchester has been named one of the UK’s top property hotspots for 2026
• Greater Manchester town named one of Britain’s ‘happiest’ places to live in 2026
• Council reveals £11.7m plan to tackle empty homes across the region

“Mortgage payments have risen quite sharply in a short space of time for new buyers,” commented Rightmove property expert, Colleen Babcock.

“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.”

Featured Image – Shvets Production (via Pexels)