Buy your own house in the UK is cheaper than renting

30.06.2012 13:15
Articles about real estate | Buy your own house in the UK is cheaper than renting Interesting statistics: the purchase of the home instead of renting will save the owner of the order of £ 200 thousand in 50 years. According to a report published by Barclays, the total amount to cover the mortgage, housing maintenance and other standard costs the property owner up to £ 429 thousand for the time ownership of the house. At the same time, rental of such housing in the same period would cost £ 623 thousand, writes

"The step of ownership for many of your own home can be a serious barrier in terms of price," - says a leading mortgage lender in Barclays Andy Gray. "But in the long term benefits far outweigh the initial costs. Not only do you save money by becoming the owner of the property, but will have significant assets at the end of the repayment of a mortgage loan - ensuring a comfortable old age. For those who rent housing, the landlord will have to pay even from their retirement income, while owners can enjoy the minimum living expenses "- adds the expert.

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Data on the country vary considerably. So, buying a typical house in London, the owner will save £ 396 thousand as compared to renting the same house for 50 years. However, in the south-west of the country, this figure will be just £ 34 thousand, because the ratio of housing costs and rents are much lower. North-west - second only to London in the area of ​​the country with a low value of the property, but the high rental rates. For 50 years, saving the landlord over the tenant will be here £ 300 thousand
Content tags: Overseas property
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