Is it worth buying a house right now if it’s cheaper to rent?

[FlyingSoap]

Just that really. Living in a housing association rented home. We have managed to save the deposit to buy but with rates as they are, even on a small 200k property it’s probably going to be £1200 a month which is significantly more than we pay in rent. It is “affordable” but being realistic it would remove the option for either of us to drop any hours at work, go on holiday etc.

Is it still worth it to be home owners? Mulling it over with DH more now particularly as I’m pregnant and everyone seems to think you need a mortgaged home for best security for a family.

Yes, 100% worth it. Rent might be cheaper now, but it won't always be as you pay down your mortgage. You can decorate how you want, you don't have the possibility of having to move if your landlord decides to sell up, etc.
Also, if you rent your whole life you're going to need a lot more money in retirement!

Renting involves paying money in exchange for nothing. Buying means you pay money, but when the mortgage is done you end up with a house/property of some kind. I have never rented as I simply can't justify the expense - also it's really hard to rent! One property gets about 20+ applicants. One wonders how anyone can move.

If you're renting from a housing association, does that mean it's a secure tenancy? If so, then could you continue to save and see if mortgage rates go down?