Paying a mortgage rather than renting privately could leave the average consumer £350,000 better off over next 30 years, new research has found.
Owner occupation is the most prevalent tenure in England and more own their home outright rather than having a mortgage, the latest snapshot of the housing market shows.
In 2018 buyers were 34 before half had bought their own home; in 1997 the age was 26
Almost a third of current mortgage holders in Britain, equating to four million people, may have to re-evaluate their finances in later life as their estimated repayment age will be older than they expected.
Home ownership in the UK could be increased significantly in the UK at no cost to the Treasury, by giving tenants and landlords a rebate when a rented property is sold by the landlord to a sitting tenant, it is claimed.
Homeowners are making a "costly mistake" by turning a blind eye to additional fees when they remortgage, it has been claimed.
Barely half of all families in Britain own their own home, research highlighting the extent of the rise of generation rent shows.
A study by the Resolution Foundation thinktank has shown that official figures have exaggerated home ownership, which has been in steady decline since 2002.
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