In a time where getting a first step onto the property ladder seems harder than ever, it may come as a surprise that owning a home is actually cheaper than renting in nearly two thirds of Britain. Who’d have thought it!?
Potential first-time buyers would have lower monthly outgoings if they bought a property as opposed to renting one. The average buyer could save £2,268 a year according to research from Santander Mortgages.
The average monthly rent in the UK is currently £912 per household, compared to monthly mortgage repayments of £723. So why aren’t more people buying homes if it can save them a substantial £189 per month?
The same research found that the average first-time buyer deposit is a whopping £51,905! However, 38% of those wanting to buy would consider moving back in with their parents while saving for a deposit, and 21% said they will give up alcohol to raise the funds!
So if the money can be raised for a deposit, purchasing a house may be the best option. If Britain gets buying people may have money in their pockets. It’s a win win!
If your loved ones would like to start saving money and get their first step on the property ladder, get them to contact your adviser today!