New research published by shows that buying a home in 45 out of the 50 largest towns across Britain is cheaper than renting.

If you are currently renting then you will more than likely be paying 13% more on average than a house owner with a mortgage. Even in London the average monthly rental costs are 28% higher than the cost of ownership.

With house prices dropping in the run up to Christmas and low interest rates some would argue that it’s never been a better time for first-time buyers to get into the property market.

So, where are the best places to live if you are looking to buy?

The top 5 cities where buying is cheaper than renting:

No. Location Avg. Monthly Rent Avg. Asking Price
1 Milton Keynes £760 £131,630
2 Birmingham £731 £131,118
3 Northampton £586 £105,996
4 Warrington £577 £104,996
5 York £871 £161,769

This information was calculated using all two bedroom flats currently on the market (August 2011) and assuming the buyer would have obtained an interest only mortgage at 5% pa and a 100% LTV ratio.

If you are a first-time buyer looking to get your foot on the property ladder but you’re worried that you can’t afford it due to deposits and securing a mortgage then think again! Arc Property Solicitors has produced a series of useful blog posts that outline all the options available to first-time buyers,

Learn more on cheap conveyancing quotes or cheap conveyancing quotes.

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