Long-term renters on the back foot
Getting a foothold on the housing ladder is no mean feat in today’s market. An interesting new study has shown just how rewarding home ownership can be1. Before housing growth is factored into the equation, someone buying a house could save £326,214 in the next 30 years compared with people who rent during the same period.
Although challenging, building up the funds for a deposit is worth it. Over two-thirds of homeowners say they feel confident about their financial future, compared with 45% of renters who feel the same.
Confidence and wellbeing
The research concludes that homeownership is becoming ever more critical to financial wellbeing and the ability for people to achieve their long-term financial goals. David Burrowes, Chairman of the Equity Release Council, commented on the findings, “People today are living and working longer with responsibility to fund their later years and will need to think differently about their financial decisions at different life stages. For people who manage to buy their own home during their working lives, the extra confidence and flexibility this provides will be even more critical to their financial wellbeing than it is today.”
We can help you make your first steps towards homeownership.
1Equity Release Council, 2021
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.