Saturday, January 28, 2012
Quick! Buy now before it’s too late!
Buying a house is now much cheaper than renting, mortgage lender Halifax has claimed, in a remarkable turnaround from three years ago when the soaring property market priced out all but the wealthiest buyers. Halifax calculates that the monthly cost of buying the average three-bed home in the UK is now Â£600, 16% cheaper than the Â£716 it would cost to rent the same type of property. That contrasts with the peak of the property market in 2008, when a mortgage on the typical home cost around 29% more than renting. The figures come amid claims that first-time buyers are beginning to return to the property market. The biggest barrier for young buyers - the huge deposits required by lenders - is beginning to crumble as more and more 95% mortgages have become available in recent weeks.