HOME owners in the North West could save an average £929 per year over those who rent, according to housebuilder Barratt.
It says a comparison of renting and buying by the Halifax showed the average cost of a three-bedroom home in the North West was £518 a month - compared to £595 for renting.
Research showed the average monthly cost of buying had dropped by 22 per cent since 2008, although rental costs increased by the same amount.
Barratt said the savings of around £77 per month were equivalent to a daily cup of coffee or a yearly return flight to Australia with money to spare. Over the course of the average 25-year mortgage term, home owners could save roughly £23,225, which is the equivalent of a deposit on a new house, it added.
Michaela Lancaster, sales director at Barratt Homes Manchester, which is building at New Quay Road and Quernmore Road in Lancaster, said: “We are looking to help turn generation rent into generation buy."
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