Buy or rent?
BUYING a property instead of renting will save people in the South West an average of £33,863. A report by Barclays showed that the average house price in the region was £170,261.
The price of buying a property, paying a mortgage and maintaining a home in the South West costs £306,637 compared to £340,500 in rent (at £6,810 in the first year). Initially it's cheaper to be a tenant, but rents inflate over time and owning property means financial security in retirement.
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Andy Gray, head of mortgages at Barclays, said: "The cost of stepping on or moving up the housing ladder can be a big barrier for many, but the long-term benefits hugely exceed the initial expense."
Higher rates of inflation increase the value of owning compared with renting, because payments continue to increase with inflation over the long term; however, after a mortgage is paid off the only costs are maintenance and insurance.
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Comments
by leona23
Tuesday, June 26 2012, 2:27PM
“what with pay being the Lowest in the country with property being the most expensive, how is anyone living and working in the South West supposed to buy a home?
Another crackpot report dreamt up by someone who obviously owns a second home, come back down to relativity and live our lives!
I work in IT on what 'should be' a good wage, but I can not get anywhere near to being able to afford to buy a property, so get real!”