14 Dec

Buying more profitable than renting

Buying more profitable than renting

People who are looking for the best value for money on their properties should look to buy rather than rent in the current market, according to new figures.

In a new study conducted by Zoopla, it was revealed that buying property for sale in London, or most other cities, is far better value for money than renting.

The study found that it was cheaper to buy in 94 per cent of UK towns and cities, with London homeowners spending £6,888 per year less than their renting counterparts.

This is good news for first-time buyers, who were informed last week by the Council of Mortgage Lenders that repayments for them were now at their cheapest for the past eight years.

Nicholas Leeming of Zoopla.co.uk blamed the discrepancy on the rising number of people who are still looking for rental properties.

"The shortage of financing, especially to first time buyers, has pushed demand for rental property through the roof," he added.ADNFCR-1222-ID-801239638-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.