Purchasing a property is presently only £5,811 cheaper than renting over a period of 25 years.
Increasing interest rates and rising house prices are bumping up buying costs, which was £24,000 plus cheaper than renting over a 25 year mortgage term in 2006. So says recent research from the Abbey .
The average rental cost is currently £443,736, whilst purchasing a home costs £437,925, a difference of 1.3%.
Of course those who rent are not left with any asset, as opposed to those who pay off a mortgage .
This a quite a surprising convergence. Nonetheless, homeowners of course benefit from further house price rises as the value of their property increases over time.
In spite of the convergence, people still fare better owning a property.
Renting is cheaper in Wales , Northern Ireland, and the north west. Moreover, buying and renting cost the same in London, Yorkshire and the Midlands.
The best place to buy is East Scotland, followed closely by the north, south-east and East Anglia.
|
||||||||
|
Buying property
Selling property Estate agent fees Free property guides Conveyancing services Mortgage services See all Property Guides
 My estateagents
|
Buying Supercedes Renting to the Tune of 5,000 GBP Wed, 21 Nov 2007
     Recommended linksSurveyors Begin to See House Prices Fall in England and WalesHouse Prices Down Marginally Houses to Cost 10 Times Salary Guide to Mortgages Mortgage Interest Rates - How interest rates affect repayments |
|
||||||
Site Map |
About estateagents.co.uk |
Contact |
Terms & Conditions |
Links |
Press |
Estate Agents Login | 
© 1999-2009 estateagents.co.uk
© 1999-2009 estateagents.co.uk