The dream of home ownership remains alive for tens of thousands of first-time buyers, according to research that pinpoints 5 UK locations where average rent is at least £54 more than the cost of monthly mortgage payments.
This infographic produced by Property Division, an online property investment news hub, shows that first-time buyers in Glasgow could save £149 every month when compared with tenants in Scotland’s largest city.
The analysis is based on asking prices and average rents of two-bedroom properties in each of the 5 locations listed below.
The calculations by property portal Zoopla assume purchasers are repaying a 90% mortgage over 25 years at 4.5%.
Property Division CEO Nelly Berova comments: “It is significant that with the exception of Birmingham every location this research identifies is in the north of England or Scotland.
“The value of residential property in these areas is way below values achieved in London and south-east England and represents an investment that is likely to deliver good returns in the long-term.”
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Infographic by Property Division.