Buying More Cost-Effective Than Renting, Survey Reveals
It makes better financial sense to invest in a property than rent one, new research has revealed, indicating that first-time buyers are £742 better off a year than those who rent – figures sure to be of interest to those considering making use of Norwich lettings to buy their first house.
According to Halifax, the average cost per month including mortgage payments for a first-timer buying a three-bed house was £658 in December last year, compared with the typical monthly rent of £720 for a similar property.
In fact, buying has actually become more affordable than renting a house in all regions of the UK. The biggest differences between first-time buyers and renters in terms of cash was seen in London, while the second largest difference was recorded in the north-west of the country. The East Midlands and the south-east saw the smallest differences between the monthly cost of renting and buying.
“Average home buying costs are significantly lower than average rental costs, providing first-time buyers with a large financial saving if they can get on the housing ladder,” mortgage director with Halifax Craig McKinlay remarked.
He went on to note that the differences in costs, low mortgage rates, the Help to Buy scheme and increased consumer confidence are all behind why the numbers of first-time buyers have risen so substantially in the last couple of years.
If you are a first-time buyer and aren’t sure where to begin, visit the Money Advice Service where you can find all sorts of publications to help make the process of getting onto the house ladder that much easier.