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.
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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.
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