According to a recent estate agency survey, buying a property is cheaper than renting one. Conducted by Relocation Agent Network, of which JW Wood is a member, not only is it cheaper to buy, but you could make significant savings too.
Relocation Agent Network, the national network of independent estate agents asked its members whether it was cheaper to buy or rent a three-bedroom house over the course of a calendar year. 85% said that it was cheaper to buy.
The national survey also looked at the possible savings you could make when buying. Based on a three-bedroom house, member respondents were asked what they estimated the annual saving was from buying a property instead of renting one. Nearly a third (31%) of member respondents stated that it was possible to save up to £1,000 a year, with another 27% indicating a potential saving of up to £1,500 could be made.
As more buyers begin entering the market, it would appear that it is due to more availability in the mortgage market, with the majority of Network members (37%) indicating so.
Geoff Graham from JW Wood, the member of Relocation Agent Network in County Durham said, “Our Network survey results demonstrate that buying really is the preferred option in terms of cost saving. JW Wood understands that getting onto the property ladder can be challenging, but we’re here to help and guide you through the buying process. Contact us today to discuss your options. As the area’s Local Expert, we’d love to help you.”
For further information, please contact your local JW Wood Branch