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7% cheaper to buy than rent in Scotland

The cost of buying a home in Scotland is now over 7% lower than renting, according to research by Bank of Scotland. The average monthly costs associated with buying1 a three bedroom house stood at £505 in June 2012; 7.4% (or £40) lower than the typical monthly rent of £545 paid on the same property type. In 2011, the monthly cost associated with home buying was just 0.5% (£3) lower than renting. Over the past year, buying costs have dropped by 6%, while the cost of renting has increased by 1%.Scotland is the fifth most affordable area in the UK for buying relative to renting
In June 2012, buying a house was more affordable than renting in all 12 UK regions. In contrast, buying was more expensive than renting in all regions in Ju...[…]