14
Dec
Buying more profitable than renting
People who are looking for the best value for money on their
properties should look to buy rather than rent in the current
market, according to new figures.
In a new study conducted by Zoopla, it was revealed that buying
property for sale in London, or most other cities, is far
better value for money than renting.
The study found that it was cheaper to buy in 94 per cent of UK
towns and cities, with London homeowners spending £6,888 per
year less than their renting counterparts.
This is good news for first-time buyers, who were informed last
week by the Council of Mortgage Lenders that repayments for them
were now at their cheapest for the past eight years.
Nicholas Leeming of Zoopla.co.uk blamed the discrepancy on the
rising number of people who are still looking for rental
properties.
"The shortage of financing, especially to first time buyers, has
pushed demand for rental property through the roof," he
added.