Why Buy Instead of Renting?

Why Buy Instead of Renting?

by Mark Johnston November 13, 2011

The UK has one of the highest property owning rates in the world, no matter how many boom and busts there are, the British still like the idea of buying their own property.

When considering whether to buy or rent it is worth looking at the local area and weighing up how much you would pay to rent versus how much mortgage payments cost.

However property website Zoopla claims that it is cheaper to buy a home than to rent in 45 out of the 50 largest towns across Britain. The report states that on average the cost of renting a home is now 13% higher than the cost of interest on a mortgage for a comparable property.

Overall rents exceeded the cost of having a mortgage by more than 20% in 14 of the largest towns and cities in Britain, according to recent research.

With house prices down, low interest rates and sky high demand in the private sector, buying has never been a better option for those able to secure a mortgage, although the vital part of this statement to take in .....