MG Legal Solicitors 
Longridge: 01772 783314 Garstang: 01995 602129 Lancaster: 01524 581306 Lytham: 01253 202452  
According to the most recent Halifax Owning vs Renting Review, the monthly cost of owning a home for first-time buyers is currently £971 - £42. That's 4% less than the cost of renting a comparable property. 
According to the research, which looked at housing expenses for first-time buyers with a mortgage for a three-bed home in comparison to the average monthly rent for the same property type, owners currently spend £971 per month, compared to renters who pay £1,013 per month. 
While owners are still saving nearly £500 per year, the margin has narrowed since its high in 2016, when owners were saving £1,567 per year. 

Fixed-fee Conveyancing Solicitors: 

MG Legal's leading conveyancing solicitors offer an unmatched service, and clear, fixed-fee rates. 
Our team put your first, and work with care to ensure that your property matters go smoothly, with no hidden costs. Call us today so speak to a conveyancing solicitor in Lancaster: 01524 581 306 
Get in touch today to speak to a Conveyancing Solicitor. 

Regional gap 

Scotland has the UK’s greatest gap between owners and renters in terms of percentage.  
Renters in Scotland pay an average of £918 per month, in comparison with £727 for homeowners, this means a saving of 21% for those on the property ladder. 
The only location in the UK where it's more costly to own a property than rent the equivalent is the East of England. On average, homeowners there now pay £90 more a month than renters. 
Halifax's latest first-time buyer data shows that in terms of cash, the deposits being raised in the North East are the lowest in the UK, at £32,920 which is around 19% of average property prices in the area. 
Outside of London, those purchasing a first home are on average raising £188,663. While properties in the South East and East of England require deposits from new homeowners, at £97,320 and £87,157. 

Statement from Kim Kinnaird 

Mortgages Director at Halifax, Kim Kinnaird said, "Our latest analysis shows that becoming a homeowner can bring significant savings for people." 
"Of course, making the move from renting to home ownership can be difficult for many, as raising a sufficient deposit and then finding the right property can be challenging. While a predicted fall in house prices this year will be welcome news for those looking to buy their first home, it doesn’t change the fact that getting on the property ladder remains expensive, a problem that is compounded when rents are high, impacting the ability to save." 

Why choose MG Legal: 

No Hidden Fees. 

Give us a call today.  

We are the experts. 

Multiple Office Locations. 

Contact MG Legal conveyancing solicitors today 

No matter what type of property you’re looking to buy, where about you’re looking to move, and whether this is your first property purchase or an additional property that you are buying, MG Legal’s conveyancing solicitors are here to help. 
To speak to our solicitors about how we can help with your property purchase or property sale, simply get in touch with us online, give us a call, or email us at to hear back from a solicitor the same working day, and usually within minutes of your enquiry. 
Or, if you live in the local area, arrange an appointment in our offices in Garstang, Longridge, or Lancaster, to speak to a solicitor in person. We look forward to assisting with your property purchase or sale. 

Contact Us Today: 

To speak to a fully-qualified conveyancing solicitor, contact us online here. 
Or give us a call on 01995 602129 

Clear, fixed-fees 

Fully-Qualified Conveyancing Solicitors 

Tailored Service 

Multiple Office Locations 

Decades of Experience 

Home Visits 

Share this post:

Leave a comment: 


Our site uses cookies. For more information, see our cookie policy. Accept cookies and close
Reject cookies Manage settings