Buying a home 'more affordable than renting'
Individuals in Scotland requiring home storage solutions while they relocate may be interested to hear that purchasing a property in the country is cheaper than renting.
This is according to new research from Bank of Scotland, which found the typical monthly cost of buying a three-bedroom abode is six per cent lower.
In December 2011, homeowners paid £540 per month, while tenants forked out £540 on the same type of property.
This was noted as a significant change from three years ago when the cost of buying a house was 47 per cent higher than renting.
Housing economist at Bank of Scotland Nitesh Patel explained the turnaround, stating: "The average mortgage payment has fallen over recent years as a result of falling house prices and mortgage rates."
Recent statistics from the Association of Residential Lettings Agents revealed demand for rental properties is falling, with 55 per cent of its members noting there were more tenants than homes in the fourth quarter of 2011.
Posted on Tuesday, 31 January 2012 under ContentPlus Self Storage
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Buying a home 'more affordable than renting'
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