Buying is £100 less than renting
THE cost of buying a home for first-time buyers is more than £100 a month lower than renting, according to new research by Halifax.
The average monthly costs associated with a two-bedroom flat in the UK totalled £567 in July, 16 per cent (£110) lower than the typical £677-a-month rent.
Since 2008, the cost associated with getting onto the property ladder has fallen by 40 per cent (£383).
Stuart Law, chief executive of Assetz, says there are more firsttime buyer mortgages available at more competitive rates at the moment but advises fixed rates as improving economic conditions and rising inflation could result in a series of shock base rate rises in 2012-2013.