The rise in mortgage rates means it is now cheaper to rent a home than to buy one for the first time since 2010, according to Zoopla.
The property website said the average UK rent is £1,163 per month, while average mortgage repayments are £1,285 for first-time buyers on a 15% deposit.
Zoopla said London and the South East are the worst affected locations for higher mortgage costs versus rent.
But it is still cheaper to buy in areas like northern England and Scotland.
The average two-year fixed-rate mortgage is now 6.76%, according to Moneyfacts, the financial information service. For a five-year fixed deal, it is 6.24%.