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Recent research by Santander has revealed that owning your own property is cheaper than renting throughout every part of the UK; with first-time buyers saving an average of £2,268 per year when paying a mortgage rather than rent.
As expected, the amount of savings a first-time buyer could make varies depending on location. The most significant savings were found in London, where the monthly difference between mortgage and rent averaged at £289 per month. In Scotland, the average monthly savings come in at £134 per month, which equates to a considerable average saving of £1,608 annually when compared to renting.
Undoubtedly buying a property requires a significant upfront cost, although the common assumption that a first-time buyer is then under a greater financial burden has shown to be incorrect by this recent research. Of course, such a major investment has long-term advantages, including the considerable savings made compared to renting, as well as having a valuable asset once the mortgage is paid off.
Historically, renting has been cheaper due to consistently high property prices, however, with a combination of significant drops in mortgage rates due to inflation falling, alongside ever increasing rental prices, now may be the most opportune time to get onto the property ladder for first-time buyers.
For expert legal advice on buying or selling property, contact our specialist property lawyers today. Here at Claphams Solicitors, we can help you achieve that first rung on the property ladder.
