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To Buy or Rent: The Big Property Decision and Why Inaction is Not the Answer

Mon 10 Apr 2023

When you face a big decision in life, it is often easier to make no decision and hope things turn out for the best. However, inaction is often the worst position to take, so it helps to have as much information as possible when deciding what to do next.

This is the case in the property market, and it is easy to see why so many people ask if it is better to buy or rent. Traditionally, the comfort and confidence of owning an asset means purchasing a home is the preferred outcome for those with the choice. However, the instability of recent years represents a more significant number of people considering their options.

You can trust us to help you make the best decision for you and your loved ones

At ADM Residential, we operate in Huddersfield's sales and letting sector. This experience helps us guide you in the best manner. Also, as we work in both sectors, we aren’t going to favour one side, even if this isn’t the best for you. Not every agent or business has your best interests at heart, but as we are a local company that can provide you with services with whatever you decide to do, we are the ideal people to help you.

The latest information from Halifax indicates homeowners in the United Kingdom are £500 better off each year than tenants in a similar position.

For first-time buyers, the average monthly cost associated with owning a three-bedroom property stands at £971. The average price of renting a three-bedroom property stands at £1,013. This is £42 more or 4%. For a year, this amounts to a saving of close to £500. There are always other fees and factors to consider, but there is no denying the importance of having an asset. 

Knowing your monthly mortgage payments provide you with a long-term benefit and a roof over your head in the here and now is often all the incentive people need to do everything they can to step on the property ladder.

The gap between average cost of buying and renting is narrowing

However, the gap is narrowing. A saving of close to £500 in the present day is much smaller than the annual saving of £1,567, which was the case in 2016. An essential factor in this is the rise in mortgage costs, with ten increases in interest rates since December 2021 being a massive factor in this diminishing gap.

Kim Kinnaird, Halifax's mortgage director, said; “Our latest analysis shows that becoming a homeowner can bring significant savings for people. While a predicted fall in house prices this year will be welcome news for those looking to buy their first home, it doesn’t change the fact that getting on the property ladder remains expensive – a problem that is compounded when rents are high, impacting the ability to save.”

Of course, the average price for the entire country doesn’t always parallel with what is happening in Huddersfield. Inflated figures in London and across the South East of England skews the average, and locations like Yorkshire & The Humber offer better value for money.

We provide tailored services for the streets and areas you need to know about. We are always here to assist you if you want accurate information to help you decide between buying and renting in Huddersfield.

Contact ADM Residential to sell your Huddersfield home in 2023

Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.

This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market. 

"Excellent customer service. Whole team was very helpful and kept us updated with the progress from both solicitors. I would recommend ADM"
Abid Bashir