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. 

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. 

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." 

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 enquiries@mglegal.co.uk 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.