Thursday, Nov 15, 2007
Abbey admit renting is a viable option
Firstrung: First time buyers see financial benefits of buying shrink dramatically
It's still better for first time buyers to buy rather than rent in the UK - but only just. The latest results from the annual UK Rent Versus Buy Index from Abbey Mortgages shows that the average monthly cost of a mortgage for 25 years and the average monthly cost of rent for the same period are converging. Last year, the saving made from buying over renting was over £24,000, whereas this year it's £5,811. That's a massive fall of 76 per cent...
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