The rise in mortgage rates means it is now cheaper to rent a home than buy for the first time since 2010, according to Zoopla.
The property website said the typical 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.
North of the border, the typical monthly rent is £620 compared to a mortgage repayment of £748.
The average two-year fixed-rate mortgage is now 6.76%, according to Moneyfacts, the financial information service. For a five-year fix, it is 6.24%.
Below 3%
Rates for both two-year and five-year fixes were below 3% in early 2021.
Richard Donnell, head of insights at Zoopla, told the BBC that for the last decade it had been "much cheaper to buy than rent" due to "ultra-cheap mortgage rates".
But that trend had been reversed, he said, even though rents have also been rising quickly.
"Around the country the picture varies as, in areas with lower house prices, buying is still cheaper than renting," Mr Donnell added. "In southern England where prices are higher, access to home ownership is most out of reach and rents are high as well."
Mortgage rates have risen as the Bank of England has lifted the benchmark interest rate to tackle high inflation.
14 increases
The Bank has increased the rate 14 times since December 2021, most recently to 5.25% - the highest for 15 years.
There is uncertainty about what the Bank will do in the coming months.
Shares in housebuilders tumbled on Monday after construction giant Crest Nicholson cut its full-year profit forecast.
Shares in the firm fell by as much as 14.9% before regaining some ground to trade 10.6% lower.
Crest Nicholson said high interest rates and stubbornly high inflation had driven homebuyers away.