This article concerns the thoughts Greycoat specialists share when talking about the UK´s current housing trends. They say how Halifax has released data that has revealed that it is cheaper to rent a first home in the United Kingdom than it is to buy one.
The name of the report is “The Owning Vs. Renting Review By Halifax.” The average cost of renting a first home in the United Kingdom is £1,231. According to Greycoat, this is £27 cheaper than the cost of being a first-time homebuyer.
This information is based on the cost of a three-bedroom home. Kim Kinnaird works at Halifax as a mortgage director. At Greycoat, she stated that people who are looking for their first home are better off renting than they are buying.
She also stated that there are few places in the United Kingdom where it is cheaper to buy than rent, which are Scotland, South West and London. From Greycoat, Kim said that there are numerous benefits that come along with owning a home including living and financial stability.
She also said that helping customers get their first home is her priority. However, the cost presents a barrier to many people. That is why she believes that it is important for there to be government programs to help people. There are many factors that have to be considered before you decide whether to rent or buy; Greycoat Real Estate helps people weigh the pros and cons of each option.