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Renting becomes cheaper than buying for the first time in over six years

Business / Tue 15th Jun 2021 at 05:13pm

BUYING a home has been cheaper than renting on a monthly basis for the last five years. In March 2020, on the eve of the pandemic, a purchaser with a 10% deposit would have been £102 per month better off buying than renting reports Property Reporter

However, like many other things, the ongoing pandemic has altered this trend and despite rents in Great Britain seeing a 7.1% rise over the last 12 months, strong house price growth fuelled by the stamp duty holiday and coupled with increases in higher loan-to-value mortgage rates have added to the cost of buying and owning a home. As a result, a typical first-time buyer will now find it cheaper to rent than buy on a monthly basis, according to research from Hamptons.

Full article is below.

https://www.propertyreporter.co.uk/landlords/renting-becomes-cheaper-than-buying-for-the-first-time-in-over-six-years.html?SRC=MC

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