Buying a home typically £100 cheaper than renting
Buying a home works out at over £100 a month cheaper than renting in the UK, according to research by Halifax.
The Halifax Buying vs. Renting Review shows that the typical monthly cost of buying a three bedroom house was £600 in December 2011, 16% cheaper than the average monthly rent of £716 on the same property type.
The research also suggests that home buying costs have fallen by more than a quarter or £328 since 2008. This has been driven by the fall in the average monthly mortgage rate from 5.75% to 3.63% and a reduction in house prices in many areas.
Halifax says that buying a home was more cost effective than renting in 11 out of 12 UK regions when the survey was conducted in December 2011.
February 3, 2012
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