It is cheaper to buy a property than rent in 74% of Britain, including the majority of the West Midlands, new research shows.

Zoopla’s Rent vs Buy Index, which reveals the top places across Britain where renting a property beats buying and vice versa, shows that major towns and cities in the area are considerably more attractive for buyers.

By comparing current asking prices to the average rent for two bedroom flats using properties on their website,

With an average asking price of £118,078 and average monthly rents of £515, Wolverhampton is indexed at 0.96, making it slightly cheaper for prospective buyers than those looking to rent.

Figures in other areas show even more attractive prices for buyers.

Walsall and Birmingham both come in at under 0.80, meaning that they are much more cost-effective towards those planning to buy rather than rent.

However, those intent on renting can still benefit in other areas of the country, none more so than Huddersfield, where a two-bedroom flat averages just £493 a month, as opposed to nearly £150,000 to buy outright.

The property website warns though that a rise in interest rates of just 1%, with rents remaining the same, could turn the whole index on its head.

A change such as this would make renting the better option in 80% of the locations studied, including much of the Midlands.