It’s cheaper to buy than rent – Hal­i­fax

Yorkshire Post - Property - - PROPERTY NEWS -

MONEY: First-time buy­ers in the UK are £651 a year bet­ter off, on av­er­age, buy­ing their own home com­pared to those who rent, ac­cord­ing to re­search by Hal­i­fax.

The av­er­age monthly costs as­so­ci­ated with buy­ing a three­bed­roomed house stood at £705 in De­cem­ber 2016; £54 or seven per cent lower than the typ­i­cal monthly rent of £759 paid on the same prop­erty type. The lat­est Hal­i­fax Buy­ing v Rent­ing Re­view found that the gap be­tween the cost of buy­ing and rent­ing has nar­rowed by £19 per month over the past year. In York­shire the monthly mort­gage cost is £508 and rent is £525 mak­ing it three per cent cheaper to buy.

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