To buy property in the UK is cheaper than renting in most cities

What is cheaper: to buy a house in the UK, a mortgage or rent? To answer this question, real estate Agency Strata Homes conducted a study comparing the costs of tenants in both cases in different cities of UK.

Using the statistics available, the company took as a basis for standard housing two-bedroom and calculated how much will cost of payment of mortgage and what the payments of rent to real estate in England and Wales of the same type. The calculations showed that more than half of the cities in the UK it is cheaper to buy property in the UK a mortgage than to rent it.

Doncaster, hull and Bradford – the cheapest city in the UK to buy, where monthly payment for the purchased mortgage two-bedroom apartment is £520 pounds, and the monthly rent of the apartment for two bedrooms is £729£. Or take, for example, Peterborough, where the buyer will be a monthly saving of £344 pounds compared to a tenant.

In Manchester the average rent of an apartment for two bedrooms is £763 pounds, while mortgage payments for similar units are around £676 per month.

But for Residents of Birmingham much of a difference there is to rent a house or buy a mortgage, since your monthly spending is the same.

Meanwhile, many people have never done this kind of calculations – and those tenants who made them, were extremely surprised at how much you can save every month in some cities, if you buy a house in England a mortgage. The main issue for many people remains save for the initial Deposit. But in this young families actively helping the British government by creating the program “help to buy”, when due to the government are paid a 20% Deposit, and the buyer is to pay only 5%.

The most disadvantageous to the city to buy located in the South of England and Wales – London, Bristol, Brighton, Swansea. Prices for property in England and Wales in these cities jumped to dizzying heights and pay very high rent cost cheaper than to buy a house or an apartment in the mortgage.

® Maxim Savitsky. G. 04.05.2016

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