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The Cost of Buying Houses in London Skyrocketing, Nearly 50% More Expensive Than Renting
五月 13, 2024
The Cost of Buying Houses in London Skyrocketing, Nearly 50% More Expensive Than Renting 倫敦
By   Internet
  • 城市報
  • London Housing Market
  • Mortgage Costs
  • Rent Comparison
Abstract: London's property market is facing increasing financial pressure, meaning more people may have to temporarily set aside their aspirations of homeownership and opt for renting until they can save enough money to afford the down payment and monthly mortgage costs.

In recent years, London's real estate market has been in the spotlight, but along with it comes a sharp rise in the cost of buying a house, making homeownership increasingly challenging. The latest data shows that the mortgage costs for buying a house in London are 42% higher than the city's average rent, nearly half of the renting cost, making buying a house a considerably expensive option.


Especially in some affluent administrative districts in central London, the cost of housing is astonishingly high. The monthly mortgage payments are about 66% higher compared to rent, equivalent to an additional expense of £1,232 per month. In some areas favored by investors and first-time buyers, such as Greenwich, although the mortgage costs are relatively reasonable, they still exceed the rent by 34%, reaching £563 per month.


Tim Davall-Smith, Director at SBA Property Management, stated, "London's property market has always been challenging, but in recent years, the rise in house prices and mortgage costs has meant that many people cannot even afford to own their own home." This trend is also confirmed by the latest data, with the cost of buying a house in London remaining high, continuously challenging the financial capabilities of buyers.


The Cost of Buying Houses in London Skyrocketing, Nearly 50% More Expensive Than Renting

propertywire.com


However, the rise in the cost of buying houses is not only confined to central London but is also widespread in other areas. In comparison, the mortgage costs in Manchester are only about 16% higher than the rent, while in Bristol, this figure is 18%. Mortgage costs in Leeds are relatively high, approximately 21% higher than the average rent, while in Liverpool and Birmingham, the proportions are 29% and 31%, respectively.


Reportedly, over the past three years, there has been a 4% decrease in the proportion of owner-occupied households with mortgages in London, while at the same time, the share of privately rented properties in the capital has increased at the same rate. This reflects the financial pressure and challenges faced by homebuyers, as well as the prevalence of renting as a temporary alternative.


This situation is particularly evident in areas such as Kensington and Chelsea, Richmond upon Thames, the City of London, and Camden, where mortgage payments are remarkably higher than rent, ranging from £1,738 to £2,927.

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The Cost of Buying Houses in London Skyrocketing, Nearly 50% More Expensive Than Renting
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