First-time buyers 'better off purchasing than renting' - New research has found that people looking to take their first step onto the property ladder may be better off buying than renting.
|
|
Business Related Topics...
Entertainment, Recreation & Sports Related Topics...
Health & Fitness Related Topics...
Home & Family Related Topics...
You are here: DIME Home > Loans > First-time buyers 'better off purchasing than renting'
New research has found that people looking to take their first step onto the property ladder may be better off buying than renting.
Author: Sam Gooch
Date: Jun 21, 2010 - 8:50:08 AM
Printer friendly page
New research has found that people looking to take their first step onto
the property ladder may be better off buying than
renting.
New research released today (June 15th) by
Santander has concluded that the vast majority of first-time buyers for
a home credit deal would be better off
purchasing a property as opposed to renting one.
Following the government's pledge to help
first-time buyers get their foot on the property ladder by increasing
the number of new homes available, the mortgage lender conducted a study into the
property market in the UK.
It found that, in the
aftermath of the worst of the global economic downturn, average monthly
rental prices now exceed those for the average repayment on mortgages in
every area of the country apart from London.
Therefore, logic suggests that all people seeking a
home outside of the capital city may be able to save themselves an
average figure of £1,040 per year if they bought their own
property instead of paying monthly rent.
Earlier
this year, the Council of Mortgage Lenders found that average monthly
rent in the UK - excluding London - now stands at just over
£420, whereas mortgage repayments per month for first-time
buyers equate to an average of £334. This is the equivalent to a
saving of £86 per month.
London's
property sector remains in its own disconnected bubble away from the
rest of the nation, with rental prices within the capital around 56 per
cent higher than elsewhere, Santander stated.
The
average monthly rent in the city is £701, but because real
estate remains expensive to purchase there, fist-time buyers would end
up paying around £359 per month on their mortgage.
Phil Cliff, director of mortgages at Santander,
said that people in the market for property had been
"justifiably cautious" over recent months, but advised
that these figures show that the way forward may now be to purchase as
opposed to renting.
"The first few months of 2010
have seen rents start to climb which has meant that the savings to be
made for potential first-time buyers have grown considerably,"
he added.
View all articles by Sam Gooch
Banks set for home loan battleJun 23, 2011 - 12:03:14 PM Banks and credit unions will do battle to attract potential home loan customers over the next few months.... [Read the full story] |
Helping To Answer The Question - How Does Reverse Mortgage WorkMay 26, 2011 - 5:41:30 AM In the real estate market more people are pursuing the chances that exist with utilizing high-quality mortgages such that they can either invest in the home they desire or refinance an existing mortgage. While looking into the mortgage possibility there are several solutions an individual could take very good advantage of and one of the most popular resources presently sparking the interest of many homeowners or even homebuyers is found with the options of a reverse mortgage. While looking to the possibilities of this style of mortgage many individuals find themselves, requesting how does reverse mortgage work.... [Read the full story] |
Laptop finance deals: Why stay without one if cash is available?Mar 7, 2011 - 10:56:15 PM Most of us use laptops to accomplish most our computing needs, may it be simple accounting, word processing or difficult graphical designing. However, not everybody of us owns one, and to acquire one seems out of reach. Not everybody has $750 in their pockets to folk out for a new or refurbished laptop at short notice. Therefore, since most of us rely’s so much on the laptops, buying one is a necessity. If short of cash, there are many laptop finance deals that can be reached between the purchaser and the seller.... [Read the full story] |
Payday Loan Tricks Be Wary AboutFeb 9, 2011 - 1:34:47 AM The payday loan is a popular choice from all! It is one the most famed and high in demands loan endowment. The loan is easy to acquire and get hold of. You may not have to face nay difficulty as they are not at all risky. The loan grant works wonder for those who wish to grab n access over fast cash some to cover up the requisite needs and course. At time you might have fallen in an abrupt crunch and for you it may seek difficult to handle such a core. At that time if you simply opt for this loan endowment, we bet you will feel the luckiest on planet!... [Read the full story] |
| Search for articles: |
|
|
 Putting Up a Small Commercial Printing Business |
| So You Might Be Unemployed And Desire To Become A San Francisco Real Estate Investor Now |
| Meditation and Mindfulness: Dealing With Emotion |
| CPA Websites: Five Essential Ideas for Composing Convincing Articles |
| Set Goals In Order to Come Up With Your Action Plan |
| Is the Air in Your Home Safe to Breathe? |
| Coarse Fishing Tackle Review: The JW Young 13ft Trotter Rod |
| Section 1031 Exchanges For San Diego Real Estate Investors |
| Phoenix Real Estate Investing For Highest Possible Earnings |
| Legendary are the Volk Racing TE37 Wheels |
| Developing the Next Generation Wall Station (ChaseDesk™) for Healthcare - A Case Study |
| What are step down transformers? |
| Introducing Sharehype, the Revolutionary Tool for Online Marketers |
| Rewards To Shopping For Austin Real Estate On The Web |
| Hydroponics for Beginners |
Would you like submit your articles and have them approved on a priority status? Find out more about how you can become a Priority author for pennies a day! Click here.
|
| Dime-co.com Home |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About
Featured Authors
Subscribe to our RSS feed for immediate alerts