Is Buying Cheaper Than Renting?

According to Santander Mortgages, first-time buyers could save £2,300 a year by getting on the property ladder rather than renting.

The average monthly rent in the UK is currently £995 compared to monthly repayments of £805 for the average first-time buyer household, meaning buyers could save £190 a month, the lender said.

In contrast, mortgage repayments for first-time buyers in the east of England only exceed rents by £2. However, overall, rents exceed mortgage repayments in every region across the country, the bank said.

David Gascoyne, Sales and Lettings Manager at Residential Estates said “People always assume that buying a property is a large financial commitment and that it can cause problems. However in most cases, the opposite is true. With large annual savings and a property to own at the end, buying can suit many people more than they think. However, people’s situations need to be taken into account as renting can sometimes be the best option.”

About Residential Estates

For over 25 years, Residential Estates has been a prominent independent property management company based in Chester and operating across the North West. The company has expanded into the global market and therefore has clients all over the world. Residential Estates is Chester's first internet based agency and it uniquely combines extensive experience, local knowledge and a drive to have a proactive approach to managing property.

In addition to Residential Estates’ excellent reputation there is a diverse range of property management services available.

These include sales and lettings, property investment, land acquisitions, property management, serviced accommodation and international property sales and investments. Residential Estates has the expertise and knowledge to ensure that buying, selling, investing and renting is always a smooth and simple process.

For more information, please go to www.residential-estates.co.uk

Or contact Victoria Wilson (Marketing and Communications Manager):

victoria.wilson@residential-estates.co.uk

t. 01244 343355

Residential Estates, Maple House, 23 Watergate Row South, Chester, Cheshire, CH1 2LE