To Own Or Rent - That Is The Question?

UKinsuranceNET TO OWN OR RENT that is the question? The UK's property market has changed dramaticallyover the past ten years. Homeowners, tenants and landlords have all seen large increases in the cost of buying or renting. Some essential statistics about these developments can be seen below, because we believe in providing you with interesting and useful information, here at UKinsuranceNET. TODAY'S HOUSING COSTS Average house price in August, 2015 in England and Wales: Average price of property, also in August, in London: £184,682 £493,026 This is an increase of 4.2% from This is an increase from last year of last year 6.6% [source: The Land Registry] ΤΕΝΑΝTS 70 K 20 60 40 30 million 200 250 300 250 300 350 400 Approximate number of people renting in 2015 in the UK: 45% 28% 17% 11% Percentage of tenants who would have concerns about Percentage of people who believe they won't be able to purchase their own home in the near future Percentage of people who say they can't afford to save for a deposit Percentage of people who enjoy the freedom of renting and have no desire to buy meeting mortgage repayments [source: Post Office Money Mortgages] FIRST-TIME BUYERS Average age in 2015 of first-time buyer: 36 Wage in 2015 of an average first-time buyer: Average deposit required for a first-time buyer: £39,000 £29,000 Amount borrowed in July, 2015, by first-time buyers: £4.6 BILLION Compared to the same month last year, this is an increase of: 7 percent [source: Council of Mortgage Lenders] HOMEOWNERS Value of re-mortgage deals taken out in July, 2015 by owner-occupiers: Number of homeowners who have benefited from 'right to buy' in the last three years: £5.1 BILLION 400,000 This is an annual increase of: 34% [sources: Council of Mortgage Lenders; government statistics] LANDLORDS Number of landlords in July, 2015 who borrowed to buy a property: The figure from the same time last year: 11,800 9,300 Amount lent via mortgages in July, 2015 to landlords: 1.6 MILLION Compared to the same month last year, this is an increase of: 33% [source: Council of Mortgage Lenders] TOTAL PROPERTY VALUES And from five years ago, it's an increase of: In one year, that's an increase of: Residential property across the UK is now worth: £966 billion £543 billion £5.75 trillion In London alone, property is worth: £1.5 trillion [source: Savills] st possible property nce solutions for you The best possit insurance solutic So where do you fall in these statistics? And what would choose, RENT or BUY? Tweet us at @UKinsuranceNET UKinsuranceNET Call today - 01325 633090 www.ukinsurancenet.com