Buy­ing is cheaper than rent­ing

Yorkshire Post - Property - - PROPERTY -

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.”

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