Consumers can save cash by buying London property

Many people are looking for properties to rent in London. After all, not everyone can afford to buy real estate in the city. Those keen to find houses and flats to rent often head to estate agents in order to see what is available.

However, consumers who can afford to purchase their own residences in the capital may benefit from doing so, it has been suggested.

According to figures produced by Barclays, the lifetime cash savings people can benefit from if they buy a property in London would average £396,049. The firm stated that house prices in the city average £343,522, while renting for 21-months costs £17,520.

Across the country more broadly, consumers stand to save around £200,000 over their lifetimes if they buy instead of rent, Barclays calculated.

However, many people may not be able to make the transition from being tenants to owners. Andy Gray, head of mortgages at Barclays, remarked: “The cost of stepping on or moving up the housing ladder can be a big barrier for many.”

This may be particularly the case in London, which has the highest house prices overall.

That said, Mr Gray went on to suggest that for those who can make their first step onto the property ladder, it is more than worth it. The expert stated: “Not only will you save money by becoming an owner occupier, but you will also own a substantial asset once your mortgage is paid off, providing financial security for your old age.

“Those who choose to rent permanently will have to pay their landlord out of their pension income, while owner-occupiers will enjoy minimal housing costs.”

Whether people are looking for properties to rent in London or have homes they wish to let out to others, it is now simple for them to access the assistance of estate agents.

For more information please visit – www.winkworth.co.uk/estate-agents/oxford

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