Study Shows Owning IS Cheaper Than Renting
A new study by Barclays shows that over 50 years the typical cost of purchasing maintaining and making mortgage payments on a home amounts to £429000 compared with £623000 in rent.
This supports the genuine message we have been giving prospective purchasers – buying your own home is still a very viable proposition and when compared with the cost of renting makes solid financial sense too.
The research showed that whilst renting was initially cheaper over time home owners soon began to reap the benefits of being an owner occupier including long term financial security.
Whilst finding a large deposit in order to take the first step onto the property ladder can seem like a mountain to climb we are committed to helping buyers by offering a range of purchase incentives. For example the recent launch of NewBuy across our developments in England has seen a return to mortgages where a smaller deposit is required.
And in addition to this support for purchasing a new build property there are other real benefits which are also worth considering. New homes are typically very efficient with the latest low energy high output heating systems windows and insulation fitted to ensure they remain efficient and cost effective. This delivers further cost saving benefits for home owners as they can maximise their investment whilst reaping the rewards on a monthly basis.