While we are on the subject, let's lay to rest a few myths. The first is that Britain has a high level of home-ownership while the majority of our European neighbours are content to rent. Almost 80 per cent of households in Spain and Italy own their property. The shares in France and Germany are hardly low at about 63 per cent and 43 per cent respectively.
The second is that buying always makes more sense economically than renting. In many parts of the country, it is cheaper to rent than to buy, certainly over a two- to five-year period. Simply put, it is quite easy to find a property where the monthly rent is less than the mortgage interest.
