Bank of Scotland research has shown that first time buyers are £860 a year better off than people who rent in Scotland. Average monthly costs associated with buying a house are £522, which is £72 less than the £593 paid for renting the same property type. This is the biggest difference in the UK, standing as a 12% difference. The UK average is just 7%
- New research from Bank of Scotland has concluded that first-time buyers in Scotland are on average £860 a year better off than those who rent.
- According to the bank’s Buying versus Renting Review, the average monthly costs (including mortgage payments) associated with buying a three-bedroom house stood at £522 in December 2016 – £72 lower than the typical monthly rent of £593 paid on the same property type.
- This 12% difference is the largest across the country compared to the UK average saving of 7%.
“Whilst deposits can raise the upfront cost of buying, it is also an important form of long-term savings for homeowners, and coupled with rising prices it contributes towards higher housing wealth. This in itself adds to the financial attractiveness of buying.”
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