According to the latest UK house price index, the average cost of a house in the UK is £264,444, as property prices have risen by 2.9% compared to the previous month and risen by 10.6% compared to the previous year. Home Insurance Expert at Confused.com Jessica Willock says:
“Although the stamp duty holiday that we had earlier in the year gave buyers a boost by removing some of the financial pressure attached to a new home, this jump in house prices is making it trickier for those looking to buy their first or next home.
“Our research found that more than a quarter (27%) of people said that if they knew of ways to save money when it comes to their homes, they would use them. Before you start the house purchase process, it’s important to weigh up whether buying or renting is the best option for you financially. If you’re able to buy a property, have a deposit and can afford a mortgage, it’s a less expensive option in the long run and you’re also paying into a property that you own.
“Whether you’re deliberating a move or you’re looking to take your first steps on the property ladder, knowing what you might have to pay in terms of stamp duty, mortgage payments, solicitor fees and bills can be confusing, so our guide to buying a house will help to break down the process to make it less daunting.”
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