Zoopla found that buying was cheaper in 42 out of Britain’s top 50 towns and cities in February, compared to 47 out of 50 three months ago, when comparing rental costs to the cost of buying based on paying an interest-only mortgage at 5%.

Its figures showed that demand for rental property has led to renting a property costing an average of 16% more than paying a mortgage, up from 11% this time last year.

As the average rent has fallen slightly by £9 over the quarter to £1,470 a month in February, average asking prices dropped by £6,500 to £255,037 in the same period.

Milton Keynes was the most expensive place to rent compared to buying, with rents almost 40% more expensive, leaving tenants £2,580 worse off on average than if they sought to buy.

In addition, despite the high cost of buying a property in the capital, London rents are an average of 29.6% more expensive than owning.

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Meanwhile, Swansea, Oldham and Cambridge top the list of places flouting the trend by remaining cheaper to rent than to buy, with rents between 4.6% and 8.4% less than paying a mortgage.

Nicholas Leeming of Zoopla.co.uk, said: “Despite a recent increase in first-time buyer activity, demand from remains strong and is keeping rental levels at historic highs. This, along with historically low borrowing costs, makes it as good a time to buy as it ever has been. However many buyers are still unable to take advantage of these conditions because of their inability to secure a mortgage.”