Buying a home is cheaper than renting according to Halifax
The latest Halifax Buying vs. Renting Review found that the average cost including mortgage payment of buying a three-bed home in the UK was £679 a month in December 2017, compared to the average monthly rent of £754 for the same property type.
New research from the Halifax reveals that first-time buyers are saving £27,000 over mortgage term over renters.
Russell Galley, Managing Director, Halifax, said: “The gap between buying and renting has widened significantly, primarily driven by a reduction in mortgage rate and a more competitive market pushing down monthly payments. Meanwhile, the cost of rent, household maintenance and average deposits have remained broadly flat.
“Despite having to put down a sizeable deposit up front, homeowners are overall better off than renters in all parts of the UK. But those who are unable to get onto the property ladder because they can’t raise enough cash are paying more by renting.
“The good news is that record numbers of first-time buyers are still taking their first step on to the ladder and helping to bridge this gap thanks to a continued low-rate environment and government schemes including Help to Buy.”
Read the latest Halifax Buying vs. Renting Review released 17th February 2018 in full click here.
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