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Phil Brown

Renting more expensive than owning a property in the UK

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Renting now more expensive than buying in all areas of UK

By Emma Simon
 

Average rental prices are now higher than average mortgage repayments in every region of the UK, according to research from Santander Mortgages.

 

According to Santander the average rent in the UK now stands at £912 per household, compared to monthly mortgage repayments of £723 for the average first-time buyer.

This equates to savings of £189 a month or £2,268 a year for the typical first-time buyer.

 

Read the full story here: https://www.mortgagestrategy.co.uk/renting-now-more-expensive-than-buying-in-all-areas-of-uk/?platform=hootsuite

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Hi Phil,

 

Do you think now is a good time to do sub-letting business rather than buy-to-let?

 

Sub-letting in terms of renting the property from the owner/developer, sub-let it to long-term tenants /or do air-b&b.

 

 

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Interesting stats but it's almost impossible to fairly compare average rent and mortgage payments as there are so many variables with mortgages that drastically affect the mortgage payment amount (deposit, interest rate, length of term, interest only or repayment, etc.)

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Totally true statistic. 

I have researched this a lot over the past couple of months and even down the east coast and some majorly deprived areas the rent it only on the up!!

All the best.

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Paying a rent for house is really expensive. even in India, it is too much expensive to rent for a house. it can make a lot of money without working. In India, I had consulted with a Real Estate Agent in Nagpur and it was really expensive.
 

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Renting may well be more expensive each month when you compare rental payments to mortgage repayments, however the initial outlay is very low in comparison to costs associated with purchasing a house. 

The article is a great read though

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Not sure I buy this story. There are a lot of other costs that coming with owning a house and you simply can’t compare averages in this way. Plus hardly an objective article if it comes from someone working for ‘Mortgage Strategy’!

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Guest Omar Khan

Some interesting stats you have posted. It has really become a norm that renting a property is much more expensive as compared to purchasing one. But in the current landscape not many can easily purchase a property so they tend to rent one

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Many people prefer renting an apartment or a house because they don't want to plan so far ahead – which I can easily understand.

But there are also disappointing examples…one of which occurred to my friend:

They bought a house together, agreed on enormously high instalments, and then the couple split up. Selling would mean an immense loss. Now one of the two has to pay for the house alone, at immensely high rates - while the other has put all his savings into buying it. That's why a lot of people feel too insecure to just want to have a house like this ... you should really be 100 percent serious about everything

 

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