Summary
If you are keen to step onto the first rung of the housing ladder, now could be a good time as, on average, it is more than pound(s)100 a month cheaper to buy than to rent your first home.
The average monthly cost of buying a two-bedroom flat in the UK for a first-time buyer is pound(s)567 - that's pound(s)100 or 16% lower than the typical rent on a similar property, according to Bank of Scotland. Over the past year, the cost of a house purchase for a first-time buyer has dropped by 2%, while average rental costs have jumped by 6%.See the full content of this document
Extract
The Return of the First-Time Buyer?
The average mortgage rate for a new borrower now stands at 3.84%, compared with 5.91% in mid-2008. At the same time, the average house price for a first-time buyer has dropped by 14% to pound(s)124,378. More than three-quarters of towns and cities across...
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