Getting onto the UK property ladder is a difficult task for many families across the country. You only need to take a cursory glance at the news to see that there’s always something floating around to do with record-breaking house prices, and, although many now expect that 2015 may finally begin to reverse this trend, it’s still making life hard for many prospective home-buyers. Scarce wonder, then, that so many people depend on renting when it comes to securing property, and in the recent news our home city of Leeds has been identified as one of the most affordable places to rent of all.
The Third Most Affordable Place to Rent…
According to The Independent, the most affordable two places to rent in the whole UK are Cardiff and Plymouth, and Leeds rounds out that top three. Apparently, residents of Leeds can claim to lose a relatively small proportion of their income to rent; only surrendering 29% of their wages to this end. When compared to places like London, where renting families can expect to see almost half of their earnings vanishing each month due to rent, that’s a colossal reduction that’s worth noting.
…But Still People Want to Buy
However, it’s fair to say that not everyone is looking to rent property. Many people rent as a matter of necessity to get themselves onto the property ladder, but always hold out in the hope that, one day, they will have a house that they can truly call their own. Renting does offer a number of restrictions, after all, and at the end of the day there’s a fundamental sense of satisfaction when you feel that you can really call a house ‘yours’. Frequently, the moment when you purchase a house is numbered among the most significant milestones in your life. Yet, despite many government initiatives to encourage first time buyers, we’re still a long way short of the desirable situation.
Moving Away From Renting…
So, what do you do if you live in a city like Leeds, but aren’t looking to rent? The key will always be your choice of mortgage. Unless you can keep up with your payments, your newly obtained home could quickly be repossessed, hence the choice for many people to rent. That’s no reason to give up on the idea of a mortgage though; it just depends on finding the best deal. Here at Search Mortgage Solutions, we function as a professional mortgage broker in Leeds, and so we’re dedicated to finding the ideal mortgage to suit your needs. We’ve many years of proven experience, so contact us now by calling 0113 367 2899 or email enquiry@searchmortgagesolutions.co.uk to find out more.