Cheaper to buy a house than to rent

A new survey by Zoopla.co.uk suggests that it costs £1,080 less each year to purchase a house than to rent one in 90 per cent of towns in Britain.

The average rent of a two-bedroom flat is £668 per month, whereas an interest-only mortgage on an equivalent property purchased at the average £138,769 would cost £578 per month - £90 cheaper. However the survey ignores the additional monthly costs that come with property ownership compared to renting, such as property insurance and rates, and ignores the biggest hurdle for would-be house purchasers throughout Northern Ireland and the rest of the UK - the deposit.

Falling house prices and attractive mortgage deals have not been able to stimulate the Northern Ireland property market for a number of reasons, but the biggest by far is that first time buyers do not have the money to put down a deposit, which with most lenders starts at a minimum of 10 per cent of the property price.

If you are buying, selling or remortgaging a house in Northern Ireland and require a property solicitor to handle the conveyancing process for you contact Wilson Nesbitt in Belfast by calling 0800 840 9290.