Renting a home in Britain has become more affordable than purchasing one , new data reveals, as mortgage rates have surged following escalating tensions in the Middle East .

For the first time since June last year, the typical monthly payment for a new mortgage now exceeds the average rental cost, according to analysis from property portal Rightmove.

The report indicates that the average advertised monthly rent across Britain stands at £1,547.

This figure is £123 less than the average new monthly mortgage payment, which has reached £1,670.

Rightmove’s mortgage calculation is based on an average asking price of £373,971 for a home, factoring in the average two-year fixed rate observed in April.

It also assumes a buyer places a 20 per cent deposit and opts for a 30-year repayment term.

This significant shift is primarily attributed to a rise in borrowing costs since early March, coinciding with the intensification of conflict in the Middle East.

Rightmove’s mortgage calculation is based on an average…