First time buyers are better off than renters
The latest data shows that first time buyers are an average of £824 better off per year than those who rent. This figure does differ throughout the country.
According to Halifax the cost gap between those renting and first time buyers has widened over the past 12 months.
In London those who have purchased a property are an average of £4606 better off than those renting, Whereas buyers in the South East are £2578 better off than renters. This is followed by East Anglia (£2019) and Scotland (£1848) .
The gap has increased by 8% in the past year, this has been attributed to the pandemic.
The Halifax building vs renting review is based on the housing costs associated with a mortgage on a 3 bedroom property when compared with a renal property with the same description.
their analysis has shown that rental costs have increased by 10% over the past year to £821 on average. monthly buying costs have increased by only 1% to £753 in the same period.