Herts homeowners set to be £850,000 better off than renters in 25 years
- Credit: Archant
Opting to buy instead of rent in Hertfordshire could benefit homeowners to the tune of more than £850,000, according to a new study.
Research by Countryside compared the lifetime gain or loss of someone renting a property to that of someone buying.
The results showed a substantial property divide, with the average Herts homeowner being £855,477 better off over 25 years (as, once they’ve paid off their mortgage, they will ultimately own their home).
The property developer based their findings on a typical initial monthly rent within Herts of £1,398 and compared this to an average monthly mortgage payment of £1,515.
The results showed a lifetime (25 year) loss of -£440,438 from renting, compared to a gain of £415,039 from buying - a difference of £855,477.
You may also want to watch:
The research was conducted with the latest statistics from the Bank of England, VOA office and Land Registry and is based on the average Hertfordshire house price of £403,949.
- 1 Remembering one-of-a-kind local legend Lee Bozier
- 2 Stamp duty holiday extension to be debated in Parliament
- 3 Row over new barriers blocking path for wheelchair users
- 4 District's COVID cases fall below England's average for first time in a month
- 5 Row over charges for garden waste continues
- 6 St Albans named among Britain’s hottest property markets
- 7 COVID-19 outbreaks now in half of all Herts care homes
- 8 More things which have gone but are not forgotten in St Albans
- 9 Horse owner pleads with public not to feed equine
- 10 Man sentenced to three years in prison for breaking girlfriend's jaw