Figures from Halifax have suggested that, on average, residential property buyers have a £900 per year advantage over those who rent, but the gap is closing slowly thanks to house prices rising.

The high-street bank conducted research and found that a buyer opting for a three-bedroom property will typically be confronted with costs of £672 per month. The average monthly rental cost, however, is £745.

While the tables may be turning slightly, buying still seems to be the more attractive option among property seekers, some of whom even enlist the help of Wirral builders and other professionals to create and modify their dream homes.

Just five years ago, renting was perceived as the more appealing choice in financial terms. However, house costs have decreased by 37 per cent since, leading to a dramatic turnaround.

Much of the change has been attributed to a fall in house costs in the wake of the economic crisis, as well as greatly reduced mortgages which have resulted from lower interest rates. The rates have fallen even further over the past 12 months.

Halifax housing economist Martin Ellis said:

“A combination of lower mortgage rates and declining house prices has substantially reduced the cost of buying over the past six years. Nevertheless, the number of home buyers in the 12 months to June 2013 was nearly half of that in 2008, which will have been constrained by worries over job security.”

Northern Ireland and London residents have the most to gain when it comes to buying, according to the study. Northern Ireland showed the highest percentage difference with an average cost of £415 to rent and £369 to buy.