With increasing house prices and rents we were interested to know whether those currently in rented accommodation would prefer to continue renting or would prefer to buy if they can afford it.
Affordability seems to be the key question with house prices rising by 6% in 2015 and rents in some cities, including Bristol, increasing by as much as 18%. The average first time buyer is now 31 years old and, outside of London, will have spent a staggering £52,900 on rent before owning a home.
There are a number of options available to help those who wish to purchase their first home including:
- The Help to Buy Equity Loan scheme where buyers with a 5% deposit can take a mortgage for 75% of the value of the property and the remainding 20% is funded by government.
- Shared ownership properties avaliable on a part buy / part rent basis with a housing association.
- The Help to Buy ISA will boost the savings of those saving for their first home by 25%
- The Starter Homes Initiative in England aims to help first time buyers under 40 purchase a home with a minimum 20% discount on the market price.
Want to know more?
Help to Buy South Help to Buy South offers a number of different options for purchasing an affordable new or existing shared ownership home. These Help to Buy schemes are funded by the Government, through the Homes & Communities Agency.
Independent information & advice is available from Citizens Advice Bureau
This BBC calculator may help show you where in the country you can afford to live, and whether it would be cheaper to rent or buy.
Finally, don’t forget to vote in the next poll on 4th April
Read To rent or buy?…