Is buying your home cheaper than renting?
When it comes to property, there’s always one major question that needs answering - should you buy or rent?
Of course, there are a number of pros and cons in each category but the latest research has found it cheaper to buy in 49 of Britain’s 50 biggest cities - with Doncaster coming in as 43% cheaper to buy than rent, the sixth cheapest in the country.
The study from Zoopla found that homeowners are, on average, £1,600 a year better off by paying almost £140 a month less than renting tenants. London is the only place to show the reverse, where renting is actually £328 cheaper a month on average.
Is this a recent phenomenon?
There has been a slight flatline in house prices across the UK and this combined with the cost of moving, a lack of houses on the market and the current political uncertainty have all played into what we’re currently seeing.
Should I buy now?
Buying is an investment, it always has been and the time needs to be right but these figures show that if you are renting then saving up to purchase may be your best bet.
Clearly, renters pay a premium - and they do get some extra security with it - but it might be worth looking into getting on the ladder. Take a look at the top 10 locations for cheap mortgage repayments:
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