The cost of buying a property is still cheaper than renting but the cost difference between the two has come down in recent years. Renting was £962 a year more expensive in 2011 but that figure now stands at £651. Mortgage rates are lower than five years ago but additional costs associated with buying a property have risen higher.
Key Takeaways:
- New research has revealed that first time buyers would spend £651 less a year than tenants.
- Lower rates and government schemes such as Help to Buy,have played a key part in helping first time buyers.
- A typical first time buyer pays 45 percent more for the same property compared to five years ago.
“Buying a home remains cheaper than renting, with first-time buyers spending £651 less a year than tenants, new research has revealed.”