The cost of repaying a mortgage in London has already surpassed the cost of paying rent, despite rising interest rates, the cost-of-living issue, and growing recessionary anxieties asserts Joe Ricotta.
Notwithstanding the fact that home prices have begun to decline, Homes & Property has obtained unique data showing that, contrary to the conventional dynamic, mortgage payments now cost £832 more per month than rent in the capital.
Many first-time purchasers won't be able to afford homeownership due to the growing cost difference between owning and renting, which will reduce the number of sales in 2023. House values in the city would decline as much as 12.5% as a result, according to analysts.