Renting is now cheaper than buying for the first time since June 2025, Rightmove says, reflecting the recent rise in mortgage rates.

Rightmove said that the average advertised rent in Great Britain is now £1,547 a month, whereas the typical monthly mortgage payment is £1,670.

The mortgage figure is based on a typical asking price of £373,971 with a two-year fixed rate of 5.35%, with a 20% deposit and 30-year term.

The headline difference in monthly payments between a mortgage and rent is not meant to take into account the fact that the mortgagor is paying for an asset.

Mortgage payments are below rental costs every month in Scotland and the North East, where property prices are lower.

Buying remains more expensive per month than renting in London and the South East due to higher house prices.

The latest Moneyfacts Rate Watch found that the average two-year fixed rate now stands at 5.81%, up 98bps from 4.83% at the start of March but down from a recent high of 5.90% earlier this month.

Rightmove property expert Colleen Babcock said: “Mortgage payments have risen quite sharply in a short space of time for new buyers. 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.”