UK homeowners still better off than renters despite spike in interest rates

Average monthly cost of owning 3-bed home is 500 a year less than renting, but the gap is narrowing

Homeowners in the UK are almost 500 better off a year than renters, according to new research from Halifax.

The average monthly cost of owning a three-bed home for first-time buyers is now 971, which is 42 lower than the average cost of renting an equivalent property, the mortgage lender said. Renters pay on average 1,013 each month - 4% more.