LONDON (ShareCast) - (Sharecast News) - Mortgage Advice Bureau announced a national campaign aimed at first-time buyers on Wednesday, supported by new research challenging common perceptions around the affordability of homeownership.
The AIM-traded firm said its initiative was backed by data suggesting that renting could be significantly more expensive over the long term than buying in many UK cities.

MAB said its analysis, conducted between April and May using public data from property marketing portal Zoopla, the Office for National Statistics and government sources, found that the cost of renting over 30 years could exceed the cost of ownership by as much as £11,272 annually - or £30.88 per day.

It said that in some areas, the gap was even greater - up to £573,110 in Bristol and £540,687 in London, according to its modelling.

Despite that, MAB said its research showed that 27% of renters believed they would never be able to afford a home.

High property prices, saving for a deposit and income stability were cited as the most common barriers.

"The perception that buying a home is always less affordable than renting simply doesn't reflect what our data is showing across the country," said Ben Thompson, deputy CEO of MAB.

"Many first-time buyers may be closer to homeownership than they realise, particularly when considering longer-term financial benefits and recent innovations in lower-deposit mortgage lending, and how lenders are now assessing affordability."

The company said its campaign would include educational resources, affordability tools and access to advice from MAB's network of 2,000 mortgage advisers across the UK.

At 1051 BST, shares in Mortgage Advice Bureau Holdings were up 0.98% at 846.2p.

Reporting by Josh White for Sharecast.com.

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