Nationwide mortgages 'still better option than renting'
www.moneynews.co.uk > Mortgages > Nationwide mortgages 'still better option than renting'
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Nationwide mortgages 'still better option than renting'
Thu 28th Sep 2006
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The average house price for September stands at £169,413 and is up 1.3 per cent on the previous month's figure. Compared to last year's figures it now costs around £13,000 more to buy than this time last year.
Nationwide's fixed-rate mortgage rates decreased earlier this month and according to the building society it would take a mortgage rate increase of 7 per cent for renting to become a cheaper option than taking out a mortgage.
Fionnuala Earley, Nationwide's group economist, remarked: "Just like the weather, the housing market was unseasonably warm in September as August's interest rate hike did nothing to cool the rate of house price inflation."
Therefore, the rise in interest rates has not deterred house buyers and Nationwide states that it "can still be cheaper to buy than to rent."
Ms Earley also relayed that although another interest rate increase was expected in November, the rise is unlikely to hike mortgage rates up by the 7 per cent
Related News : Mortgages |
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Related News : Nationwide |
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