The BBC has a toy on its website to show you where you could afford to buy or rent based on your expected monthly payments and the type of house you are looking for.
I had a look at two bedrooms for rental, assuming the property is average for the area. At £500 you are limited to parts of Wales, Scotland and the North of England. Double that and you should be able to find somewhere anywhere except London and the surrounding counties and Oxford.
The picture is not to dissimiliar when it comes to buying. £1,000 a month will allow you to live in almost anywhere that is not the South East(the range of disallowed counties is larger). I have assumed you need a £25,000 deposit though which is probably the biggest issue for many first time buyers
It appears it is still cheaper to buy than to rent it. It is interesting to see the gap in house prices, and just how high prices can go in London(to £3k per month just to rent in inner London).
I would not advise using the information to decide where to live, but it is interesting to plan with different rent/ mortgage/ house cost scenarios.
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