Higher average mortgage rates have pushed monthly repayments above the cost of renting a typical home in Great Britain for the first time since June 2025, according to a new analysis from Rightmove.
The average advertised monthly rent across Great Britain is currently £1,547, compared to an average new monthly mortgage payment of £1,670.
Rightmove used the current average asking price for a home of £373,971 and the average two-year fixed rate so far in April of 5.35% to calculate the average mortgage repayment.
The calculations assume a new buyer has a 20% deposit and has chosen to spread the cost of the mortgage over 30 years.
“Mortgage payments have risen quite sharply in a short space of time for new buyers,” Rightmove’s property expert Colleen Babcock said.
“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.”
Scotland and the North East are the only parts of Great Britain where a typical new mortgage is still cheaper than renting, despite higher average mortgage rates. London and the South East have the largest gap between average mortgage and rental payments.
Propertymark CEO Nathan Emerson said the figures are concerning for homeowners and those who want to get on the property ladder.
“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,” he explained.
“This shift highlights the wider economic pressures facing consumers, where affordability challenges are being felt across both renting and buying. 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.
“It is also important to view this in the context of a private rented sector that has been under sustained pressure. Landlords have faced rising mortgage costs, increased taxation and ongoing regulatory changes, and many have worked hard to absorb these increases rather than passing them fully on to tenants. However, with borrowing costs now elevated, it is becoming more difficult for new and existing investors to enter the market or expand portfolios, which in turn restricts supply.
“Supporting pathways into homeownership while ensuring there is sufficient investment in the private rented sector will be key to improving affordability and choice for everyone.”
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