maybe timely
zerohedge.com
Buy In Scotland, Rent In London: Britain's Post-COVID Housing MarketOne of the biggest life questions facing this generation is whether they can and/or want to buy a home for themselves and their family.
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As Statista's Martin Armstrong sadly notes, something which has long been the norm in the UK is proving ever more unrealistic for young people in the country and as a new analysis from estate agent Hamptons shows, renting is now the much more affordable option in a number of regions.
You will find more infographics at Statista
As covered by the BBC, those looking to settle down in London with a 10 percent deposit in their pocket would, despite the potential longer-term benefits of home ownership, be paying an average of £251 more per month than if they chose to rent.
It's a different story in Scotland, where buying property would lead to monthly savings of £130.
Aneisha Beveridge, Hamptons' head of research, said the pandemic was responsible for reversing this six-year-long trend.
"A year ago, lenders were either increasing their rates or withdrawing higher loan-to-value mortgages altogether," she said. "For first-time buyers in particular this pushed up the cost of paying a mortgage, if they could get one at all, to well above the cost of renting."
There are, of course, a host of other financial and practical factors which potential first-time buyers will consider when deciding to rent rather than buy, or vice versa, which are not captured in this research. |
