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Buying v Renting – the difference in cost

Research has shown that the average monthly cost of buying a three bedroom house in December was £72 cheaper than the typical monthly rent on the same property type.
Whilst the cost of renting has been increasing at 3% a month, the cost of buying has only increased at 2% a month over the past year, which has led to the difference in cost between renting and buying a property.
In fact purchasing your own home has been the most affordable option overall for the last seven years, save for in the South East where buying costs are slightly higher than monthly rents.
With the proposed increase in rates of stamp duty coming into force from 1st April 2016 on the purchase of second homes, this may provide a broader choice of homes for first time buyers.
An additional incentive for first time buyers is the Help to Buy ISA Scheme. The Scheme allows up to £200 a month to be deposited until the maximum of £12,000 is reached when a 25% tax free bonus from the government will be added, helping to increase the ability to be able to purchase a home.
If you are considering purchasing a property, there is no better time than now with the variety of schemes available along with the savings that can be made.
With 5 locally based residential conveyancing teams with excellent turnaround times we can help you turn the dream into a reality.