New figures show that over a period of 25 years, homeowners in Kent, southeast England, are as much as £1.1 million better off than if they had rented property.
Based on data from the Land Registry, Government Valuation Office and Bank of England, the survey from housebuilder Countryside Properties lists the average cost of renting and buying a home.
At the top end of the market, buyers in Sevenoaks would be likely to make an average of £453,365 profit on their homes, compared with rents averaging £1,397 per month, equal to £658,253 over 25 years.
In Ashford, the equivalent figures are £305,698 profit, £706 monthly rent and £332,660 rental payments over 25 years. These figures place Ashford above the majority of its neighbouring towns, such as Maidstone, Dover and Folkstone, in terms of likely property value increases.
“Even using conservative assumptions on house growth, in most areas buying is a smart money move,’ said Iain McPherson at Countryside Properties. “With stamp duty relief and help-to-buy available, this has made buying a home far easier for first-time buyers.’
GRE Assets is developing Riverside Park, a major residential property development in Ashford. See www.greassets.co.uk for more details.