Mouseprice: Renting is not dead money
www.moneynews.co.uk > Mortgages > Mouseprice: Renting is not dead money
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Money News |
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Mouseprice: Renting is not dead money
Wed 1st Oct 2008
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A spokesperson said that rent is the equivalent of paying interest on a mortgage.
He said parents considering buying a property for their children at university should not do so if the interest on the mortgage would be more than the rent the students would be paying.
"It might be that lots of people would struggle to justify investing in a student property," he said, adding that pre-credit crunch cheap mortgage deals are no longer available.
According to figures from Halifax published in August, 23 university towns had seen house prices rise by over 50 per cent in the last five years.
The ten most expensive university towns were all in the south-east, with Guildford topping the list at an average of £363,503.
Hull was cheapest at £124,108.
Rentright's Residential Rental Price Index (RRPI) has found that the average monthly rent in the UK for September was £573, down from £589 in August and £1,029 in September last year.
Click here for more mortgage news.
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