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The latest Abbey Building Society research shows that owing to house price falls it is now cheaper to buy than rent. Abbeys research found that first time buyers could save as much as £624 over the next year alone by stepping onto the property ladder and ditching the rent book in favour of a mortgage.
Figures suggest that the average monthly rent of £434 compares to a monthly mortgage payment of £382 – a saving of £52 a month for those buying with a 25 per cent deposit.
The figures are based on an average of first-time buyers buying a property anywhere in the country except for London where people still pay more to buy than to rent a home. Buyers in Wales are set to make the biggest monthly saving at £90.91, followed by those in the North West £87.43 and Yorkshire £77.06. Buyers in East Anglia will see only a marginal saving of £2.59 each month.
Nici Audhlam-Gardiner, director of Abbey Mortgages, said: “Our latest research shows there is hope for first-time buyers trying to buy their first home. It’s now cheaper in all bar one of the regions to buy rather than rent and shows that saving for that all important deposit is so worthwhile too.”
This fact that it may be cheaper to buy than rent does not seemed to be helping first time buyers in their quest to buy a property. The percentage of property buyers who were purchasing their first home in September fell from 36 to 26 per cent in September, compared to August.
The National Association of Estate Agents (NAEA) have demanded more help from the government in boosting the market. NAEA President Gary Smith said: "NAEA figures show that the housing market is well into the first phase of recovery, but more needs to be done before we can enter the second phase." He called on the Government to consider extending the stamp duty holiday in the same way as it has done with the car scrappage allowance scheme.Smith said first-time buyers were usually the foundation of sales chains – so any cost of extending the holiday would be heavily outweighed by additional stamp duty and VAT revenues generated further up the chains.
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© Housing Market News by The Little House Company
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