In today’s market, getting a foot on the housing ladder is no easy task, but new research highlights just how rewarding home ownership can be.
Research from the Equity Release Council (ERC)1 has found that someone buying a house today could save £326,214 in the next 30 years compared with people who rent throughout the same period – before house price growth is even factored into the equation!
Working to build up the funds for a deposit, although difficult, is well worth the effort. Over two-thirds of homeowners say they feel confident about their financial future, higher than the 45% of renters who feel the same. Yet, more than half of people who are not yet homeowners believe it is “unrealistic” to think they ever will be.
Confidence and flexibility
Homeownership, the research concludes, is becoming ever more critical to financial wellbeing and being able to achieve one’s long-term financial goals.
Chair of the ERC, David Burrowes, said, “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.”
A foot on the ladder
When you’re looking to get onto the property ladder, sound advice improves your chances of success. To make your first steps towards homeownership, get in touch.
1Equity Release Council, 2021
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Equity release may require a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.