Research proves it's cheaper to buy than rent

15th March 2013

Research proves it's cheaper to buy than rent

 Latest research from Halifax proves it is cheaper to buy than rent a home

According to new research from Halifax, it is now 16% cheaper to buy a home with a mortgage than it is to rent.

The average monthly costs associated with buying a three bedroom house stood at £621 in December 2012, which is £120 (or 16%) lower than the typical monthly rent of £741 paid on the same property type. Over the course of a year this is equivalent to a saving of £1,440.

The research confirmed that buying a house is now more affordable than renting across all 12 UK regions. In the South East, a typical homebuyer is paying 6% (£51) a month less than the average renter (£839 vs £889). In Greater London the saving is even greater with a typical home buyer paying 15% less than the average renter.

Tina Dedman, Director of Sales & Marketing at Berkeley Homes, comments: "With interest rates at an all time low and analysts predicting a rise in property prices over the next two to three years, now is a great time to buy a new home.

"There are certainly signs of confidence in the market at our Kingsbrook Park development in Canterbury, where properties are attracting interest from a diverse array of investors and owner/occupiers, from first time buyers and growing families to downsizers."

The latest phase of homes at Kingsbrook Park includes a beautiful collection of one and two bedroom apartments and three and four bedroom houses, each benefitting from the high specification synonymous with a Berkeley home, and externally constructed to reflect traditional Kentish architectural styles. Designed to maximise space and the flow of natural light, the apartments are equipped with plentiful storage facilities as well as a private balcony. All of the houses are fitted with double doors that open onto rear gardens, a Juliette balcony on the first floor, and an en suite shower room attached to each master bedroom. The new homes are complemented by beautiful landscaping and parkland, whilst the development is bordered on three sides by the River Stour, with many of the properties boasting stunning views towards Canterbury's ancient cathedral.

Located close to the city centre and within a 10-minute walk of Canterbury West Station, part of the Southeastern High Speed service to London St Pancras, Kingsbrook Park is perfectly situated for local amenities and excellent transport connections.

One and two bedroom apartments at Kingsbrook Park are priced from £159,950 and three and four bedroom houses from £329,950. 

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