It is still better to buy than to rent over a 25-year period, according to new figures from Abbey.

The mortgage provider's latest annual UK rent versus buy index suggests that while the monthly cost of renting and buying is converging, it still works out cheaper to buy a house than rent one.

Those considering purchasing a home in east Scotland can expect to save 21 per cent if they purchase a house (£450,530) rather than renting one (£568,130) over a quarter of a century.

West Scotland saw a similar result, with it costing £381,953 in total to purchase a house, compared to £410,129 to rent one over the same period of time - a saving of seven per cent.

Nici Audhlam-Gardiner, head of mortgages at Abbey comments that it is better to buy than rent as a buyer is paying towards owning a home, whereas a renter will have no property to show for their investment.

Recent figures from the Bank of Scotland indicate that the average price of house in the country is currently £141,158.