A survey of new homeowners and potential first time buyers across the UK by Clydesdale and Yorkshire Banks shows that almost a third believe it makes more financial sense to buy their own property with nearly one fifth arguing that it works out cheaper than renting.
Around 23 per cent of new and aspiring homeowners also believe buying is an investment for the future.
Breaking the figures down geographically, 42 per cent in the South East say that it makes financial sense compared to 25 per cent in the east of the country. A third of those surveyed in the Midlands said they believed it was an investment for the future, compared to just 9 per cent of people in Wales. However, the idea of home ownership appeals to those in Wales with more than a third of those questioned saying they are looking to buy a home simply because they want to be a homeowner. This compares to just 8 per cent of those in London and only 9 per cent of those in Scotland.
More than half of those surveyed said they rented a property before buying their first home, although 7 per cent admitted they had to give up their rented property and move back in with parents or a friend or family member in order to save for a deposit.
In the North West 70 per cent of respondents rented before buying their first home. In Wales, just over a third (36%) opted to stay with a family member.