For years the maths was simple. Saving the deposit was the hard part, but once you had the keys, your mortgage was usually cheaper than your rent. Not any more.
The cold hard facts
Hamptons, using Connells Group data, found that 56% of first-time buyers who bought in September took on a mortgage payment higher than the rent they left behind. That's the highest share in at least a decade, up from 33% in September 2022.
- The average first-time buyer's mortgage payment was £1,227 a month, £39 (8.6%) more than their old rent.
- Those paying more had borrowed at an average 91% loan-to-value, a 9% deposit. Those paying less had a 17% deposit.
- Buyers in their 40s paid 18.2% more than their old rent. Buyers in their 20s still paid 7.5% less.
Why? Mortgage rates. Since the conflict in the Middle East pushed up swap rates, the average five-year fix has passed 6% for the first time in three years, according to reports. Moneyfacts says the average mortgage deal now stays on sale for just 13 days before it's pulled or repriced.
These are national figures, of course. Here, the numbers are bigger.
So what does it mean for Clapham, Brixton and Streatham?
Hamptons puts the average new let in Greater London at £2,357 a month, up 1.5% on a year ago. Renters in a one-bed off Clapham High Street or a two-bed near Brixton tube will know that number well.
Closer to home, the latest UK House Price Index puts the average price paid by a first-time buyer in Lambeth, which covers most of Clapham, Brixton and Streatham, at £474,320 in August. On rent, my own view is that a typical one-bed round here goes for £1,800 to £2,200 a month.
Who wins and who loses locally?
- Buyers with a bigger deposit (often thanks to the Bank of Mum and Dad) are still likely to pay less than rent, and they're buying in a market with more stock and more room to negotiate.
- Buyers stretching on a 5% or 10% deposit will feel the monthly pinch, at least until rates come down.
- Sellers of one and two-bed flats need to remember who their buyer is. If the monthly maths doesn't work for them, the price has to.
What I'd do now
- Run your own numbers: mortgage, service charge and ground rent on a flat, against what you pay in rent today.
- Get a mortgage in principle early and be ready to move fast. Deals are disappearing in under a fortnight.
- Look at the bigger picture. Every mortgage payment chips away at a debt. Rent doesn't.
My take
The headline sounds gloomy, but I'd read it differently. Paying £39 a month more for a home you own, with security and equity building, isn't a bad deal compared with renting in London, where rents keep rising. The real squeeze is on deposits, not on the principle of buying.
And with this week's Budget and the Bank of England's next meeting in November, rates could move either way. Waiting for the perfect moment rarely works.
So there you have it. Buying costs a bit more each month than it did, but it's still building something.
Are you renting in Clapham or Brixton and wondering whether to make the jump? I'd genuinely like to hear how it's playing out on your street. Drop me a line at jeroen@claphampropertyblog.com or call 07837 093554.
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07837 093 554
Sources: Hamptons (Connells Group data), HM Land Registry / ONS UK House Price Index (August 2026), Moneyfacts via Introducer Today, The Guardian, Property Reporter, Estate Agent Today.


