According to recent research by Halifax, the cost of buying a home, including buying costs, mortgage payments, income lost by funding a deposit rather than spending, insurance, and household maintenance and repair costs, is now almost a fifth lower than renting.
The research suggests average buying costs have dropped by 3% since 2011, whilst the cost of renting has gone up by 5%. Last year, the monthly cost saving associated with buying was calculated as Â£78 or 11% less than renting. In stark contrast, just four years ago average home buying costs were Â£1,048 per month, Â£324 or 45% â€“ more than the average rent.
Whilst the figures from Halifax imply there has been a significant decline in the cost of buying a home â€“ great news for those able to do so! They overlook the struggles many young adults are currently facing in raising a deposit, in order to get a foot on the property ladder. Furthermore, a recent industry report has suggested the number of 20-34 year olds living at home with their parents has now risen by 20% since 1997, seemingly a last option for young people trying to save for a deposit.
The House Crowd offers an alternative solution for first-time buyers struggling to raise a deposit for their first home. For as little as Â£1000, our crowdfunding property investment model provides a minimum annual return of 6%, in addition to a share of house sale profits â€“ Â showing how investing in property can ideal for helping to grow your deposit in order to take your first step onto the property ladder.
The House Crowd is a brand new concept in property investment which allows people to invest small amounts via crowdfunding (for more information on the process, visit www.http://thehousecrowd.com/thehousecrowd//how-it-works/). We are committed to breathing life into empty, rundown properties whilst giving investors great returns on their investments (for more information about us, visit www.http://thehousecrowd.com/thehousecrowd//about/our-manifesto/). If youâ€™ve read enough and want to invest now, visit www.http://thehousecrowd.com/thehousecrowd//invest-in-property/).