Potential first time buyers have been told that now could be the time to re-enter the property market.
Research from Abbey Mortgages revealed that, apart from in London, it is cheaper to buy a property rather than rent.
According to the survey, 1.61 million Britons are considering buying property outside the capital and could potentially save themselves £624 over the next 12 months by doing so - a collective saving of £1 billion.
For these people, while the average monthly rent currently amounts to £434, buying a property with a 25 per cent deposit sees a monthly mortgage bill of £382 - an average saving of £52 per month.
Meanwhile, across the country, the average price of typical first time buyer flats and terraced properties have decreased by nine per cent to £92,861 in the last 12 months.
This means a first time buyer will need an average deposit of £23,215 if they want to buy a property with a 25 per cent deposit.
"Our latest research shows there is hope for first time buyers trying to buy their first home," said Nici Audhlam-Gardiner, director of Abbey Mortgages. "It's now cheaper in all regions bar one to buy rather than rent and shows that saving for that all important deposit is so worthwhile."
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