With rental prices at record highs, owning your own home is not only an investment in your future, but also a more affordable monthly option. Based on an average 20% deposit (£50,740) for a typical first-time buyer home priced at £253,700, mortgage repayments are lower than rental costs in almost every region.
Some of the biggest savings are found in the North East, where homeowners pay 24% less than renters each month. Major cities like Newcastle (34%), Liverpool (31%), and Cardiff (31%) also show huge benefits to buying over renting. Even in areas where costs are similar, owning a home means investing in your future rather than paying off someone else's mortgage.
While saving for a deposit remains a key challenge for some buyers, many first-time buyers are turning to family support or government schemes to help secure their home. Deposit requirements vary across the country, ranging from £27,700 in the North East to £83,400 in London, but with lower monthly costs than renting, homeownership is more attainable than ever.
At Strata, we understand that buying your first home is a big step, which is why we offer guidance at every stage. From helping you explore available schemes to connecting you with trusted mortgage advisors who can find the best deal for you, free of charge. Our team is here to make the journey to homeownership as smooth and stress-free as possible.
