Buying a home 'cheaper than renting' for first time since 2008

First time buyers are almost £1,500 better off owning their own home, according to research from one of the UK’s biggest banks.

An annual study by the Bank of Scotland has found that average monthly buying cost, including mortgage payments, associated with a first-time buyer were £525 in December.

That was £120 lower than the average monthly rent in Scotland, which stands at £645.

The bank estimates that average monthly rents have risen by £46 over the past year, compared with a £9 decrease in monthly buying costs.

The last time renting was the cheaper option was in 2008.

The latest figures show the number of first-time buyers in Scotland is estimated to have totalled 27,900 in 2015, accounting for 46% of all house purchases made with a mortgage.

Help for young buyers

Aberdein Considine is currently running a major nationwide campaign to help young people on to the property ladder.

Between February 1st and April 30th 2016, first time buyers are being given a 50% discount on their legal fees, saving them hundreds of pounds.

A series of special open days will also be held across Scotland, where lawyers, mortgage advisers and property experts will all be on hand to answer any questions potential movers may have, free of charge.

Open Days

Open days will take place on the following dates (Click on the location to reserve a space):

27th February: Lothian Road, Edinburgh

12th March: High Street, Perth

12^th March: Union Street, Aberdeen

At each event, buyers will be able to find out what the local property market is like, how much mortgage lenders would be willing to offer and how the Scottish home buying process works.

For more information about the 50% discount, call 0333 00 66 333 or click here.