If you are trying to chose between buying or renting a home, according to an article on STV‘s website, Glasgow is the UK’s top city where buying beats renting. Buying a home is more cost-effective than renting in nearly half of all UK cities, with Glasgow, Coventry and Birmingham coming up top and Cambridge, London and Brighton being the most cost-effective for renting.
The top cities for cost-effective buying over renting:
Glasgow
Coventry
Birmingham
Bradford
Newcastle-upon-Tyne
Bolton
Peterborough
Nottingham
Barnsley
Stoke-on-Trent
The research was based on the asking prices and rental values of two bedroom properties in the largest cities in the UK, and on the basis that the buyer had a 10% deposit and was paying a 25-year repayment mortgage with an interest rate of 4.5%.
Glasgow comes out on top where buying beats renting
After compiling a list of the cities the areas that are most cost effective for buying, it was found that the most cost effective areas in which to buy were parts of Scotland, Northern Ireland and the West Midlands. Glasgow came out top where it is much cheaper to repay a mortgage than pay rent. In fact, renters were paying around £100 more to rent than to pay towards a mortgage. Even with associated moving costs and stamp duty, over time it proved more effective to buy than rent.
The top cities for cost-effective renting were Cambridge, London and Brighton. This is because the supply of homes in these areas is high and this has driven prices up to unaffordable levels
In addition, in a Royal Mail survey carried out last year, which revealed the best postcodes in which to live, Scotland’s number one postcode was G44, which is the Cathcart area in the south side of Glasgow. The area includes Cathcart Cemetery, the burial place of actress Madge Metcalfe, the mother of Stan Laurel, one half of the famous comedy duo Laurel and Hardy.
Postcodes in Erskine in Renfrewshire, which is on the south bank of the River Clyde and the popular seaside resort of Largs on the Ayrshire coast, made up the top three.
If you are currently renting and would like to get onto the property ladder, at Clyde Property we can help you to find your perfect home in the right area of Glasgow. You’ll receive an unrivalled service from our knowledgeable local property experts and in our 27 years in business, we’ve consistently achieved the best results for our customers.
