Advice For First Time Buyers

If you're on the lookout for your first home, and wavering between mortgage and rent, a new survey by Halifax might help make your mind up.

The bank claims it's now over £100 a month cheaper for first-timers to buy than rent, with average monthly costs for a two bedroom flat standing at £567 last month - £110 lower than a rental for the same type of property.

The cost of buying for a first time buyer has fallen by two per cent over the past year while average rental costs have risen by six pent cent.

And there's also very welcome news about a North South divide, for a change, as the North East is the only region in the UK where all local authority districts offer affordable housing for first time buyers, in contrast to London which is the only region with no affordable areas for first time buyers on average earnings.

Walton Robinson