CompareTheMarket: Benefits of buying a home vs renting: Which is right for you?

CompareTheMarket have written a Global Ownership and Renting guide, giving the benefits of buying a home vs renting: Which is right for you?

Following on from a special feature written by Puma Property Finance for Inside Conveyancing on the subject the factors driving the Build to Rent revolution, as well as other articles touching on the subject of renting and home ownership, CompareTheMarket’s entry-level guide helps the reader to understand all the options between buying a house and renting.

Although Brits are well known for putting pressure on themselves to get a mortgage, UK home ownership rates are falling, an inevitable result as house prices rise.

With trends and opinions shifting, ComparetheMarket’s guide, called Global Homeownership and Renting, covers all aspects of the conundrum, helpfully guiding the reader through the options.

Here’s what is covered in the guide:

• • The benefits and challenges of owning a house
  • The pros and cons of renting
  • The UK’s home ownership rates compared with those of other countries
  • Answering the question, is renting overtaking home ownership?

As a taster for the guide, a few of the insights provided by CompareTheMarket are:

• • UK average house prices increased by 9.6% over the year to January 2022, down from 10.0% in December 2021.
  • Average house prices increased over the year; in England to 292,000 GBP (9.4%), in Wales to 206,000 GBP (13.9%), in Scotland to 183,000 GBP (10.8%) and in Northern Ireland to 159,000 GBP (7.9%).
  • London continues to be the region with the lowest annual growth at 2.2%.

Kindly shared by ComparetheMarket

Main photo courtesy of Pixabay