Zoopla, a well-known British real estate platform, published an article in the middle of last month (August 22), comparing the monthly loan payments of British first-time home buyers with the average rent: In London and Southern England, where rents are higher , the current monthly loan payment is already higher than the rent.
Take London as an example. The average house price here is £552,000, which is more than twice the average house price in the UK (£263,000). Assuming that first-time home buyers have a down payment of 15%, With a loan interest rate of 5.6%, the monthly payment is £2,546.#{ 5}
Currently, the average monthly rent in London That's up 12.9% from this time last year, but mortgage repayments are still £493 more than the average monthly rent.
#{ 22}
Mortgage rent has hit a new high, how to choose between buying a house vs renting a house ?
Many loan buyers have to temporarily suspend their home buying plans. According to the latest report from another British real estate website, Rightmove According to the house price index, the average asking price of sellers fell 1.9% in August from the previous month, which was the largest decline since 2018, and sales were 15% lower than at this time in 2019.
For cash buyers who can afford a home, owning your own home remains a Very attractive choice.
Savills predicts that UK house prices will rise again in 2024, which is the time to invest in UK property golden window period.# {52}
#{ 64 }
