Shared Ownership Cheaper Than Renting In London

People who are renting in London could save more than £40,000 in two years by purchasing a property using shared ownership. Analysis by Leeds Building Society looked at the cost of buying a 25% share of a £600,000 one bedroom flat in Islington using a £7,500 deposit. It found renting a similar property on the open rental market, at a cost of £3,900 per calendar month, would cost £41,004 more over two years. What’s more, this calculation does not take into account any property price rises. If house prices in the area were to increase, owners could see the value of their 25% share rise accordingly. Read more on the What Mortgage website.

https://www.whatmortgage.co.uk/news/first-time-buyers/shared-ownership-cheaper-renting-london/