House Prices & First-time Buyer: Cheaper To Buy Or Rent?

Are you a first-time buyer planning to buy or rent a house or flat? Considering the house prices and real estate market, is it cheaper to buy than rent?

There is always a question about whether it’s cheaper to buy a house or rent most especially if it’s your first home.

For first-time buyer, in most cases, the answers to whether to buy or rent a property could largely depend on your personal circumstances and the situation of the property market.

The case for and against buying a property rather than renting on fundamentally it depends on an individuals circumstances.

Interest Rates And House Prices

Low interest rates and falling property prices mean that buying a house or flat is over £120 a month cheaper for first-time buyers than renting a property is. Recent record low interest rates have played a significant role in keeping the cost of borrowing low and driving down monthly mortgage payments.

If you are thinking buying in the current market you must keep in mind how rising interest rates would affect your monthly payments. Fixed rate deals remain the best way for borrowers to protect themselves against this uncertainty, but they don’t suit everyone’s financial situation.

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