Research proves it's cheaper to buy than rent

6th March 2013

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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 (East Anglia, West Midlands, Scotland and the North), 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 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 is certainly a real confidence in the market at our Ryewood development near Sevenoaks, where every home is currently being purchased off plan. Savvy purchasers are buying their home at today's prices."

A brand new phase of homes at Ryewood launched earlier this month including a collection of two bedroom apartments and three and four bedroom townhouses, all designed to a high specification. The apartments are very light and spacious, each with their own Juliette balcony with plentiful storage included. Some of the houses have a garden room with bi-fold doors opening onto the garden.

The new homes are set amongst leafy landscaped gardens with a residents' gym for all to enjoy. Combining the best of city and country living, Dunton Green train station is just a few minutes walk away with trains into London Bridge, Charing Cross and Cannon Street.

Two bedroom apartments at Ryewood are priced from £264,950 and houses are from £389,950.  For further information please call 01732 740402 or visit www.ryewood.co.uk.

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