Herts homeowners set to be £850,000 better off than renters in 25 years

PUBLISHED: 15:02 13 November 2018 | UPDATED: 07:44 14 November 2018

The study shows that getting on the property ladder is well worth it in the long term. Picture: Nina Morgan

The study shows that getting on the property ladder is well worth it in the long term. Picture: Nina Morgan

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.

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.

More news stories

09:00

A former St Albans district councillor received an MBE at Buckingham Palace for his work helping the community.

09:00

Court results published by the Herts Ad are taken from St Albans, Stevenage and Hatfield Magistrates Court and are published without prejudice.

Yesterday, 20:10

This year’s St Albans pantomime Cinderella only opened on Thursday night and tickets are already on sale for 2019’s Christmas show.

Yesterday, 12:00

More than a quarter of the pubs in St Albans district have shut since 2001, new data has shown.

HERTS AD PROPERTY E-EDITION

Image
Read the Herts Ad Property e-edition E-edition

NEWSLETTER SIGN-UP

Get the latest St Albans and Harpenden property news and features straight to your inbox with our regular newsletter

I am also happy to receive other emails...
Fields marked with a * are mandatory
Email Marketing by e-shot

MOST READ

search


e.g. Oxford or NW3
Powered by Zoopla