The Real Cost of Living in Britain
Many Britons wonder whether it is best to rent property or to get a mortgage. Others do not have the luxury of choosing, because they are not in a financial position to buy – the average age for making a house purchase is now 35. But with current low interest rates and fierce competition in the market, new homeowners today are benefiting from much cheaper mortgages – making possible the seemingly impossible. What’s more, those who privately rent in the UK are paying the highest rental rates in the EU. Here we consider the cost of mortgaging a house compared to the cost of privately renting.
