Buying a home in the UK is now a £100 per month cheaper than renting, according the latest research carried out by a leading building society, Halifax.
This shows a significant turn around from a few years ago when renting was 29% cheaper than buying a home. However since 2009 the average cost of renting a property has gone up by 9%. This was caused by high demand for rental property, caused by the difficulty in accessing the finance needed to buy a new home.
The cost of buying a three bedroom house in the UK in December 2011 was £116 lower than the average rent for the same sized property was at £716 paid.
Home buying costs have also fallen by more than a quarter since 2008, due to the fall in interest rates and the decline in house prices.
If you are looking at purchasing your first home this year you will need to hurry because until the 24th of March first time buyers can buy a house worth up to £250k and not pay stamp duty.
This news doubled with the loosening of credit standards could make buying much more attractive proposition in 2012. If you are looking at purchasing a home in 2012 then why not give your local branch of Intercounty a call, as our independant mortgage advisors would be more than happy to help you on your way.