Brits better off buying

17 March 2014

Many Brits are keen to get on to the property ladder and there’s good reason. The costs involved in home ownership have been reported to be less than the costs of renting. This makes home ownership even more attractive, houseladder.co.uk reports.
According to the latest Halifax Buying vs. Renting Review, individuals who own their own home have been shown to be better off by £124 a month. The data from Halifax showed the average monthly cost of owning a three bedroom property in the UK at £645 per month compared to the average cost of renting at £769.raig McKinlay, Mortgage Director at Halifax said: "There has been a substantial improvement in the affordability of owning compared to renting in recent years, which has been driven by the fact that monthly home ownership costs have fallen by a third (32%) since 2008."

Many Brits are keen to get on to the property ladder and there’s good reason. The costs involved in home ownership have been reported to be less than the costs of renting. This makes home ownership even more attractive, houseladder.co.uk reports.

According to the latest Halifax Buying vs. Renting Review, individuals who own their own home have been shown to be better off by £124 a month. The data from Halifax showed the average monthly cost of owning a three bedroom property in the UK at £645 per month compared to the average cost of renting at £769.

Craig McKinlay, Mortgage Director at Halifax said: "There has been a substantial improvement in the affordability of owning compared to renting in recent years, which has been driven by the fact that monthly home ownership costs have fallen by a third (32%) since 2008."

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