Cheaper to Buy than Rent in Wales

adr0ck

according to the report below its now cheaper to buy a first time buyer home in Wales than it is to rent

http://www.walesonline.co.uk/news/wales-news/2009/02/18/cheaper-to-buy-than-rent-in-wales-91466-22950722/

chucky

looks like it's most of the UK not just Wales

http://news.sky.com/skynews/Home/Business/House-Prices-First-Time-Buyers-With-Big-Deposits-Benefiting-From-Price-Falls/Article/200902315224905?lpos=Business_Second_Home_Page_Article_Teaser_Region_1&lid=ARTICLE_15224905_House_Prices%3A_First-Time_Buyers_With_Big_Deposits_Benefiting_From_Price_Falls

"House price falls make it cheaper for first-time buyers with big deposits to buy a home than rent in most UK places"

lostinrates

Thats probably good news. Will rents fall to keep in line eventually ...and will that in it self force a downward trend in HPs?

How secure/available is employment in Wales ATM I wonder?

stevetodd

I don't think it's cheaper to buy than renting for another 12 months and paying at least 10% less for the property though, I bet they haven't factored that in.

Pobby

Did think about a move to Wales some years back. It was a while before house prices took off there but when they did...........!!!! The pressure seemed to come from Cardiff. A few miles away properties were still very cheap by comparison. Fairly good road links have opened up the valleys making many areas commutable as can be witnessed during the rush hour. Little roads going through old mining villages packed with traffic.

Thrugelmir

adr0ck wrote: »

according to the report below its now cheaper to buy a first time buyer home in Wales than it is to rent

http://www.walesonline.co.uk/news/wales-news/2009/02/18/cheaper-to-buy-than-rent-in-wales-91466-22950722/

First green shoots of normality in the housing market perhaps.

Maybe this also signals the start of a shake out of the amateur BTL investors in the property market. Falling rents and in the longer term higher interest rates will cause considerable pain.

With property prices likely to fall further FTB's can afford to sit tight. As £68 a month saving as quoted seems very marginal.

LittleMissAspie

chucky wrote: »

l
"House price falls make it cheaper for first-time buyers with big deposits to buy a home than rent in most UK places"

Hahaha, they may as well say it's cheaper for first time buyers with a 90% deposit to buy than rent in the whole of the UK. Durrr. Of course the bigger the deposit the lower the mortgage. What kind of research is this?

Pobby

Thrugelmir wrote: »

First green shoots of normality in the housing market perhaps.

Maybe this also signals the start of a shake out of the amateur BTL investors in the property market. Falling rents and in the longer term higher interest rates will cause considerable pain.

With property prices likely to fall further FTB's can afford to sit tight. As £68 a month saving as quoted seems very marginal.

With reference to btl people. It was pretty easy to get a miners cottage up in the valleys in say 2000 for around as little as £20k.

chucky

you better change your title from Wales to the UK

Alan_M_2

It's cheaper to buy Wales than rent a house in the UK?

chucky

LittleMissAspie wrote: »

Hahaha, they may as well say it's cheaper for first time buyers with a 90% deposit to buy than rent in the whole of the UK. Durrr. Of course the bigger the deposit the lower the mortgage. What kind of research is this?

sorry not my research - speak to Sky
but you should really read the whole article...

"London and East Anglia are the only regions where renting is still less expensive than buying for people with a 25% deposit"

I don't think 25% is a big deposit - to me that should be the average deposit anyway.