A recent article in the Times newspaper highlighted that the era of dizzying house price growth may be over, but confirms research shows buying a home still makes financial sense. It reads:
‘The monthly cost of paying the interest on a new mortgage is now 62 per cent lower than renting, according to Capital Economics, a research consultancy. It found that the average monthly rent for a property was £859, compared with the £323 average monthly interest on a new mortgage.
In comparison, between 2010 and 2018, the average interest on a mortgage was 55 per cent lower than the average rent. Paying the interest on a mortgage in the 2000s was only 27 per cent cheaper than paying the rent.’
It also advises that the English Housing Survey shows that the number of people taking out a mortgage is growing too. Our discussions with the Mortgage Advice Bureau have highlighted that lenders still have a good appetite to lend and as such mortgage rates should still remain competitive.
If you’re currently renting and would like to get your foot on the property ladder, talk to one of our Sales Advisors who will be able to put you in touch with a financial advisor to help assess your finances and find the right mortgage for you, enabling you to buy a new home and start a new journey.
Help to Buy may also assist, allowing you to buy your new home with only a 5% deposit. Help to Buy is available across all of our developments including the Bridge in Haworth, The Rise in Harden, The Exchange in Shipley ,The School House in Barnoldswick and Victoria Fold in Sabden,