Aberdeen has been named the most cost-effective city in the UK for house-buyers, due to the gulf in spending between those renting or owning a property.
Researchers say someone buying a property in Aberdeen with a 10% deposit would be better off after just one year of home ownership, when compared to the cost of a tenancy over the same period.
Researchers said that the average property asking price was £206,060 in Aberdeen, with an average monthly rent of £1,275.
The average buyer in Aberdeen would be £99,040 better off after just seven years of home ownership than if they had been renting over the same period.
However, property expert John MacRae, chairman of Aberdeen Solicitors Property Company, said the website which carried out the research had not presented a realistic picture of the market.
“Historically in Aberdeen, house prices go up, so as a buyer you are in a win-win situation,” he said.
“You are paying something off and increasing your share in the value of something that is increasing in value.
“The facts appear to hold up the story but the facts also hide the truth – which is that it is very hard on folk up here who are looking for accommodation.
“The truth is, it is still very expensive here,” added Mr MacRae.
He said rents had been driven up in recent years due to a lack of finance for first-time buyers, who have then placed additional demand on rental stock.
And while oil and gas wages have helped a proportion of buyers, home ownership still remains out of reach for many working in traditional industries, such as agriculture.
Of the 50 major towns and cities considered in the survey, there were just five – London, Bournemouth, Huddersfield, Bedford and Swansea – where buyers would be worse off than renters after seven years of ownership.