(The below blog has information contained which was correct at the time of publication but is subject to change)
The question used to be very simple, but things have tilted in favour of renting. Is this the right option?
The BBC published this article (clink link here) which argues that renting has become cheaper than buying a house for First Time Buyers.
I checked out the numbers for renting compared to buying a property in Colchester with a mortgage and indeed I agree that there is a marginal saving to be had from renting.
Making a marginal saving on the rent still does not get you on the property ladder though, so anyone in this position needs to consider whether they want to keep paying a landlord, or whether they want to put the rent money into a mortgage instead.
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