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Latest research from Santander Mortgages reveals a first time buyer could save over £2,000 by stepping on to the property ladder.

The financial advantage of owning a home rather than renting has never been greater.

Research by Santander Mortgages has revealed that the average first-time buyer could save £2,268 a year once on the property ladder.

The average monthly rent in the UK is £912 per household, compared to the average monthly mortgage repayment for a first-time buyer household of just £723 – a saving of £189 per month.

The findings come as annual house price growth reached just 2.5 per cent in July, with experts predicting a rise of just 1 per cent over the course of 2018.

Our Chief Executive Officer, Adrian Bloor, said: “There are many reasons why people aspire to own their own home, whether it be greater independence, the freedom to put their own stamp on the property, or the security that comes with owning the bricks and mortar in which they live.

“However, one factor which is often overlooked is the financial advantage that home ownership affords over renting. Many people see renting as a more affordable alternative to buying, but as this new research shows, people can significantly reduce their monthly outgoings once they are on the property ladder.

“The biggest financial barrier to home ownership is saving up for a deposit, but the introduction of the Help to Buy scheme has made it much more affordable for people to get on the property ladder, and means that buying a new build property presents the most desirable options for first-time buyers.

“With house price growth slowing, and a modest rise of 1 per cent predicted over the course of 2018, the financial advantages of buying over renting have never been greater.”