First-time buyers ‘£860 a year better off’ than renters – Scottish Housing News

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%

Key Takeaways:

  • 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.”

Now that you've read this are you interested in talking to a mortgage adviser? Fill out the quick form below and you'll be contacted soon by an independent, regulated mortgage specialist for a free no obligation quote.

You can save between £6,000
and £15,000 on your Mortgage

Get a custom rate and see how much you will save
by filling out the quick form below.

Value of Property
Borrow How Much
Type of Mortgage:
Bad Credit History?
Yes No