The rental versus buying calculation has swung wildly in the direction of buying since interest rates have been dragging along the floor. Indeed a recent study by Zoopla has revealed that this is the case in 74% of areas in the UK. However, this still means that for one in four, it's still better to rent. The calculations stack up completely differently in different parts of the country.

So what's the deal in your area?

Overall, buying does look more attractive - assuming you can cobble together the impressive deposit required - with average monthly mortgage repayments 8% lower on average than the cost of renting.

However, there are plenty of areas bucking the trend. Topping the list of places where renting is a better option than buying currently is Huddersfield, where the average two-bed flat costs only £493 per month to rent versus £146,898 to buy. Renting is also cheaper than buying in a number of other places including Oldham, Brighton, Swansea and Edinburgh which complete the top five rental hotspots,.

TOP 10 LOCATIONS WHERE RENTING BEATS BUYING
Huddersfield
Oldham
Brighton
Swansea
Edinburgh
Bournemouth
Bristol
Cardiff
Plymouth
Stockport

At the other end of the scale, Dundee comes in top of the list of places where buying is currently the best option with average asking prices for two-bed flats at only £88,263 versus £530 per month in rent.Other locations around Britain where buying is by far the better choice at current asking prices include Birmingham, Derby, Cambridge and Milton Keynes. Even in London, which has the highest rents in the country, buying is still the more cost-effective option, with average rents on two-bed flats currently at £2,155 per month versus average asking prices at an eye-watering £446,345.

TOP 10 LOCATIONS WHERE BUYING BEATS RENTING
Dundee
Birmingham
Derby
Cambridge
Milton Keynes
Walsall
Nottingham
York
Peterborough
Norwich

But there's a huge caveat to all of this. One that really needs to put renting back on the agenda for many thousands of would-be home owners. While buying wins out over renting today, the impact of a rise in interest rates cannot be ignored. If interest rates were to increase by 1% and rents to remain the same, renting would become more cost-effective in 80% of the locations studied.

There's a full list of 50 locations at this website, and you can check out the calculations in your area, and even in your road, here

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