The only exception to this is those looking to buy in London who would pay more in order to buy a home (including purchase price and mortgage repayments) than to rent.
According to the bank’s research 1.61 million Britons said that they were looking to buy in areas of the country other than London and based on today's prices these people would save £624 each or a collective £1 billion over the next 12 months by doing so.
For this group, the average monthly rent comes to £434, while those buying a property with a 25% deposit would currently see a monthly mortgage bill of £382 - an average saving of £52 per month.
Across the country, the research into typical first time buyer flats and terraced properties found that in the last 12 months, average prices have decreased by 9% to £92,861. This means a first time buyer will need an average deposit of £23,215 if they want to buy a property with a 25% deposit.
Prospective buyers in Wales are set to make the biggest monthly saving at £90.91, followed by those in the North West £87.43 and Yorkshire £77.06. Buyers in East Anglia will see only a marginal saving of £2.59 each month.
Nici Audhlam-Gardiner, director of Abbey Mortgages, commented: "Our latest research shows there is hope for first time buyers trying to buy their first home. It's now cheaper in all bar one of the regions to buy rather than rent and shows that saving for that all important deposit is so worthwhile too.”
