Owning a Home is Cheaper than Renting
If you own your home you are now almost £1,400 a year better off than someone renting, a recent study carried out by the Halifax revealed.
Recent mortgage deals mean you can typically pay £600 a month for a three bedroom house – £116 cheaper than the average rent of £716.
By contrast, homeowners in 2008 paid an average of £928 a month; 29% more than the typical rent. Charges for maintenance and insurance were included in the comparisons.
The gap increased significantly last year and is expected to widen further as growing numbers of would be buyers struggle to raise the cash for mortgage deposits and become trapped in the rental sector.
Posted on the 30th January, 2012Posted in House Prices Tagged Rent; rental; house prices; mortgages; house hunting
Both comments and trackbacks are currently closed.
