Owning your own home remains a more attractive proposition than renting, it has been claimed.

Figures from Abbey show that over a 25-year period, homeowners can save £5,811 when compared to the cost of renting for the same length of time.

And with equity accumulating in their property, homeowner loans could offer access to funds not available to renters.

East Scotland and the north of England are the regions where the differential is at its greatest, with a 21 per cent and 18 per cent saving to be made by purchasing property.

The south-east - which typically has some of the highest house prices - comes in third with a 17 per cent saving possible on average.

Nici Audhlam-Gardiner, head of mortgages at Abbey, comments: "At the end of the 25 years a homeowner actually has a house whereas a renter has nothing.

"In addition, homeowners benefit from any further house price rises as the value of their equity increases over time."

This growth in equity could further elevate the maximum homeowner loan which households can access.

Such products could also provide funds for retirement - as recent Abbey research found 52 per cent of pensioners feel they did not save enough over their lifetime to do everything they would like to in later life.ADNFCR-1287-ID-18354840-ADNFCR

Request a Callback

Fill in your details and we'll call you back