Buying is cheaper than renting
IT’S cheaper to buy rather than rent, according to a new survey by Barclays.
Owning your home saves an average £194,000 over a 50-year period and this figure doesn’t account for the value of the property when the mortgage is paid off.
In Yorkshire, the cost of owning would total £318,043 while the total rent would be £598,168 over the 50-year period.
Andy Gray, head of mortgages at Barclays says: “The cost of stepping on, or moving up, the housing ladder can be a big barrier for many, but the longterm benefits hugely exceed the initial expense. Not only will you save money by becoming an owner occupier, but you will also own a substantial asset.”