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/

Even Tenants Think The Buy-To-Let Crackdown Will Reduce Housing Supply.

One in five renters believes that the removal of mortgage interest tax relief on buy-to-let homes will reduce the supply of rented properties in their area. The research, commissioned by GoCompare Mortgages, also revealed that some tenants were concerned that they will face rent hikes as buy-to-let landlords pass on the higher costs, with 6% saying they had already seen a rise. According to the study, the housing crisis has got so bad that nearly a third (31%) of all people renting believe they will never own a home. Read more on the what Mortgage website.