Residential conveyancing news: It is much cheaper to buy a property than rent

Posted 18/11/2010

People hoping to get a foot on the property ladder may wish to seek a residential conveyancing solicitor and do so now, if new research is anything to go by.

According to the latest study from property website Zoopla.com, it is now cheaper to buy a home than to rent one in 80 per cent of British towns and cities.

This is an increase of six per cent on the figure seen when the same research was carried out in July this year.

The trend was attributed to falling house prices, better deals on mortgages and increasing rents, with the average monthly lease payable on a two-bedroom flat now almost ten per cent higher than a mortgage payment for the same property purchased outright.

Nicholas Leeming, commercial director of Zoopla.co.uk, said: “We’re now seeing a real insider-outsider divide in the housing market. For those who are able to buy a home, costs are low.”

However, he suggested that would-be buyers may be wise to seek a residential conveyancing solicitor now, as the situation could rapidly alter should interest rates go up.

Earlier this week, it was found that house prices in the countryside could be as much as double those in urban areas.