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19th May 2017
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Lower costs of buying, rather than renting a home, impacts positively on the industry
New figures released this week* show that it is now £130 a month cheaper to buy a property than rent, putting home ownership within reach of millions looking to get on the property ladder. For those who can save a deposit, the extra money freed up by paying a mortgage rather than paying rent, makes purchasing home improvement items a lot easier - and the industry is already seeing a difference.
Kitchen Doors Workshop is an online replacement kitchen door supplier based in East Sussex. It has noted an increase in orders from first time buyers this year as those able to get on the property ladder at long last finally move into their dream homes. Managing director, Robert Clark says:
"There has long been a perception that renting is the more affordable option but with tougher lending criteria for mortgages and bigger deposits required, many were forced into the private rented sector, pushing up rental yields. Couple this with falling house prices and suddenly, the reality is very different and home ownership is the more affordable solution.
"Although it is now cheaper to own than rent, it can still be problematic for many first time buyers to get a deposit together as 80% and 90% loan-to-value mortgages continue to be relatively hard to come by. For those who can save for a deposit, there is often little left for DIY and personalisation of the new property, making the monthly savings on rent all the more valuable."
Made-to-measure and supplied with easy step-by-step fitting guides, Kitchen Door Workshop's cheap kitchen door ranges offer designer-alike style at budget prices. Kitchen doors start from just £5.50, made in any size, style and colour. With a choice of glossy finishes and wood grains and a cornucopia of shades to choose from, existing cupboard carcasses can be given a new lease of life at the fraction of the cost of a new kitchen. The easy act of replacing existing doors with new gives the space a completely different look and feel and can be achieved on the same kind of budget freed up from rental payments.
"Adding a new kitchen is often at the top of any new owner's wish list as the room plays such an integral part of day-to-day living," adds Robert. "With the cost of a brand new kitchen running into the thousands, replacement kitchen doors give the same effect at a fraction of the price. Glossy doors and drawer fronts can be combined with a choice of handles and knobs and as all of our doors are made to measure, there is no compromise on quality or finish."
*According to high street lender Halifax, rents have risen to such an extent that paying a mortgage offers an average 18% a month saving over renting. It estimated that owning a three bedroom house requires a monthly spend of £600 to cover mortgage and repair costs, while renting the same property would cost a much higher £732 a month. In its report, Halifax notes that four years ago, the cost of home ownership was a massive 45% a month more than renting, meaning a complete reversal of fortune has taken place despite the turmoil in the property market and mortgage industry.
T: 0845 643 1928
21st September 2012