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					Buy or Rent a Home?                                                                                                                                                                                                                                       Vers 3.1 7 May 2012

What's best? To buy a home with a mortgage or to rent one?
The answer depends on how long you stay in the property - ie the term shown in the graph. See below for more explanations.
Simply enter your own assumptions below (blue figures) and see the chart change to identify when buying becomes a better bet (ie positive figures).
Enter Assumptions:                            Change blue figures. Move mouse over a cell to read the comments.
         Initial House value (buy or rent): £200,000
                                                                                              Buy or Rent? Cost difference depends on time held.
          Mortgage loan amount if buyer: £160,000 80.00%
                                                                                                     Positive figures mean buying is best.
 Mortgage term (enter 0 for interest-only)        25     years
       Rent - % of house value if a tenant:        4       % pa
                 Rent reviewed after every:        1       years                    £35,000




                                                                                                                               Overall cost - difference
         Stamp Duty (as from April 2012)           1     %                          £30,000
                                                                                    £25,000
Total buying costs % of house (Inc Duty):         2.5      %
                                                                                    £20,000
          Selling costs % of house value:          3       %                        £15,000
       Maintenance as % of house value                                              £10,000
           When owned (owner pays all):          1.25      % pa                      £5,000
      When rented (landlord pays some):           0.5      % pa                          £0
                                                                                    -£5,000 1          2          3          4         5       6                                                                                       7
               Average mortgage interest:          4       % pa
                                                                                   -£10,000
                Maintenance Inflation rate:       2.5      % pa
                                                                                                           Property held - term in years
                        House inflation rate:    2.75      % pa                                          Scroll down for longer term graph
                 Initial tenant's free capital £45,000
            Net return on tenant's capital:        2       % pa
Note that stamp duty wef April 2012 would be 1% of £200,000 (£2,000)
Summary conclusion based on assumptions entered above, comparing cash flows:-
If you intend to remain in the house for up to about 2 year(s), it is probably better financially to rent.
If you intend to stay in the house for about 3 or more years buying is probably a better financial option.

How to use this spreadsheet
Enter any assumptions in the table above and immediately see when either buying or renting becomes better.
House purchase is normally more favourable than renting in the longer term, assuming a positive growth rate.
The graph above shows the difference in the total outlay for renting and buying, depending on how long you stay in the property. This graph
displays terms of up to 7 years only (the most likely maximum term), but another graph below displays up to 20 years. The figures
include any profit made on the sale of the house after both initial buying costs and final selling costs, as well as all the anticipated monthly payments
for maintenance and either rent or mortgage. For tenants, an amount of cash is assumed to be invested equal to the amount of deposit otherwise needed
to buy (including the initial buying costs) and produces an additional profit at the end of the term, depending on the entered interest rate.
Tenants may expect to pay less for maintenance than an owner, since the landlord is usually responsible for some of the costs.
The mortgage loan can be interest-only (enter 0 as the term) or a capital repayment (enter the actual term in years).
Please note that Stamp Duty (calculated automatically) must be included in the buying costs and it depends on the purchase price.
                                                                                                                                      Cash
Positive figures on the graph mean buying is better, negative figures favour renting. The figures are obtained from the table below. They flows
are obtained from a separate tab (IRR Calculations) and assume owners and tenants sell or move out at the end of the year illustrated in the columns.
You will observe that the most sensitive assumptions are the house growth rate and the rent as a percentage of house value. Buying expenses will
also significantly affect the conclusion. The mortgage debt remains fixed throughout for interest-only loans but steadily reduces for capital repayment loans..
Mortgage interest is initially assumed to be fixed although in practise it will fluctuate up and down. But you can enter different interest changes in the table below.
The rent however usually increases in line with house inflation, although often delayed and reviewed periodically. You can enter a review period in the table above.
The table below not only compares total cash flows, but also calculates the IRR (Internal Rate of Return) for each term from 1 to 25. Please study the book
on www.mortgagesExposed.com for a full explanation of the IRR. In summary the IRR is a more accurate comparison tool than cash flow quantums
but is more difficult to calculate: for practical purposes, given the sensitivity of the assumptions, comparing cash flows is just as relevant.
Note that the IRR for renting is almost always negative unless an exceptional return on the free capital is achieved. A positive IRR for buying is possible.
You may vary any parameter each year by amending any blue figure the table below directly. It is better to save the original spreadsheet beforehand
in order to preserve the original standard formulae.
Table showing the next 25 years
                                                                                                                                                                                                                            Buy              Rent                        Buy       Rent                                 Conclusion
                               Year                  House          House %         Inflation        Mortgage      Mortgage                                Capital   Maint.      Total     Rent £     Maint.    Total      Total             Total        Difference     IRR       IRR      Difference       Based on                Based on
                               end                   Value         growth pa          % pa            % pa         £ p.month                               Owing    (Owned)     in year   p.month     (Rent)   in year   Cash flow         Cash flow      Cash flow                             IRR          Cash Flow               IRR
                                1                   £205,500          2.75             2.5              4               £845                               £156,196    £208      £1,053        £667      £83      £750      -£14,496            -£8,100       -£6,396   -32.21%   -18.00%    -14.21%     1   Renting better      #    Renting better
                                2                   £211,151          2.75             2.5              4               £845                               £152,238    £214      £1,058        £685      £85      £770      -£17,752           -£16,427       -£1,325   -18.86%   -18.08%     -0.78%     2   Renting better      #    Renting better
                                3                   £216,958          2.75             2.5              4               £845                               £148,118    £219      £1,063        £704      £88      £791      -£20,761           -£24,987        £4,226   -13.49%   -18.16%     4.67%      0   Buying better       #    Buying better
                                4                   £222,924          2.75             2.5              4               £845                               £143,830    £224      £1,069        £723      £90      £813      -£23,513           -£33,787       £10,275   -10.47%   -18.25%     7.78%      0   Buying better       #    Buying better
                                5                   £229,055          2.75             2.5              4               £845                               £139,367    £230      £1,074        £743      £92      £835      -£25,998           -£42,834       £16,837    -8.48%   -18.35%     9.87%      0   Buying better       #    Buying better
                                6                   £235,354          2.75             2.5              4               £845                               £134,723    £236      £1,080        £764      £94      £858      -£28,206           -£52,134       £23,928    -7.04%   -18.45%    11.41%      0   Buying better       #    Buying better
                                7                   £241,826          2.75             2.5              4               £845                               £129,890    £242      £1,086        £785      £97      £881      -£30,128           -£61,694       £31,566    -5.95%   -18.55%    12.61%      0   Buying better       #    Buying better
                                8                   £248,476          2.75             2.5              4               £845                               £124,859    £248      £1,092        £806      £99      £905      -£31,753           -£71,522       £39,769    -5.08%   -18.67%    13.59%      0   Buying better       #    Buying better
                                9                   £255,309          2.75             2.5              4               £845                               £119,624    £254      £1,098        £828     £102      £930      -£33,070           -£81,625       £48,555    -4.37%   -18.78%    14.42%      0   Buying better       #    Buying better
                                10                  £262,330          2.75             2.5              4               £845                               £114,175    £260      £1,105        £851     £104      £955      -£34,068           -£92,011       £57,943    -3.77%   -18.90%    15.13%      0   Buying better       #    Buying better
                                11                  £269,544          2.75             2.5              4               £845                               £108,504    £267      £1,111        £874     £107      £981      -£34,734          -£102,687       £67,953    -3.27%   -19.03%    15.76%      0   Buying better       #    Buying better
                                12                  £276,957          2.75             2.5              4               £845                               £102,603    £273      £1,118        £898     £109    £1,008      -£35,057          -£113,662       £78,605    -2.83%   -19.16%    16.33%      0   Buying better       #    Buying better
                                13                  £284,573          2.75             2.5              4               £845                                £96,460    £280      £1,125        £923     £112    £1,035      -£35,024          -£124,944       £89,920    -2.46%   -19.30%    16.84%      0   Buying better       #    Buying better
                                14                  £292,399          2.75             2.5              4               £845                                £90,068    £287      £1,132        £949     £115    £1,063      -£34,621          -£136,541     £101,920     -2.12%   -19.43%    17.31%      0   Buying better       #    Buying better
                                15                  £300,440          2.75             2.5              4               £845                                £83,415    £294      £1,139        £975     £118    £1,092      -£33,835          -£148,462     £114,627     -1.83%   -19.58%    17.75%      0   Buying better       #    Buying better
                                16                  £308,702          2.75             2.5              4               £845                                £76,491    £302      £1,146      £1,001     £121    £1,122      -£32,653          -£160,717     £128,064     -1.56%   -19.72%    18.16%      0   Buying better       #    Buying better
                                17                  £317,191          2.75             2.5              4               £845                                £69,285    £309      £1,154      £1,029     £124    £1,153      -£31,058          -£173,314     £142,256     -1.33%   -19.87%    18.54%      0   Buying better       #    Buying better
                                18                  £325,914          2.75             2.5              4               £845                                £61,786    £317      £1,162      £1,057     £127    £1,184      -£29,036          -£186,263     £157,227     -1.11%   -20.02%    18.91%      0   Buying better       #    Buying better
                                19                  £334,877          2.75             2.5              4               £845                                £53,981    £325      £1,169      £1,086     £130    £1,216      -£26,570          -£199,574     £173,003     -0.91%   -20.18%    19.26%      0   Buying better       #    Buying better
                                20                  £344,086          2.75             2.5              4               £845                                £45,858    £333      £1,178      £1,116     £133    £1,249      -£23,646          -£213,256     £189,611     -0.74%   -20.33%    19.60%      0   Buying better       #    Buying better
                                21                  £353,548          2.75             2.5              4               £845                                £37,404    £341      £1,186      £1,147     £137    £1,284      -£20,244          -£227,321     £207,077     -0.57%   -20.49%    19.92%      0   Buying better       #    Buying better
                                22                  £363,271          2.75             2.5              4               £845                                £28,605    £350      £1,194      £1,178     £140    £1,318      -£16,348          -£241,778     £225,430     -0.42%   -20.65%    20.23%      0   Buying better       #    Buying better
                                23                  £373,261          2.75             2.5              4               £845                                £19,448    £359      £1,203      £1,211     £143    £1,354      -£11,939          -£256,639     £244,700     -0.28%   -20.81%    20.53%      0   Buying better       #    Buying better
                                24                  £383,525          2.75             2.5              4               £845                                 £9,918    £368      £1,212      £1,244     £147    £1,391       -£6,999          -£271,915     £264,917     -0.15%   -20.98%    20.83%      0   Buying better       #    Buying better
                                25                  £394,072          2.75             2.5              4               £845                                    -£0    £377      £1,221      £1,278     £151    £1,429       -£1,506          -£287,617     £286,111     -0.03%   -21.14%    21.12%      0   Buying better       #    Buying better
                                                                                                                                                                                                                                                                                                         2     switch over year  #
                                                                    Buy or Rent? (20 yrs max)
                                                Positive figures mean buying is best. Negative means renting best.


                                  £200,000


                                  £150,000
   Overall cost - difference




                                  £100,000


                                      £50,000


                                          £0
                                                1     2    3   4    5   6      7    8     9     10    11   12      13   14     15                           16   17   18   19    20


                                  -£50,000
                                                                                   Property held - term in years



Created by Michael Kelly e-mail mkelly@foxwood.me.uk. See also www.mortgagesexposed.com
                        Table to calculate cash flows (row 33) and the IRR (row 5) for the term
                        Initial cash flow in year 0 is the purchase cost less the mortgage loan and purchase costs (or free capital
     Move after year:                   1                             2                           3
                               Buy            Rent            Buy           Rent          Buy
                 IRR:       -32.21%         -18.00%         -18.86%       -18.08%       -13.49%
Based on IRR -best to   Rent                             Rent                        Buy
                    0         -£45,000        -£45,000        -£45,000      -£45,000      -£45,000
                    1          £30,504         £36,900        -£12,634       -£9,000      -£12,634
                    2                                          £39,882       £37,573      -£12,697
                    3                                                                  £49,570.46
                    4
                    5
                    6
                    7
                    8
                    9
                   10
                   11
                   12
                   13
                   14
                   15
                   16
                   17
                   18
                   19
                   20
                   21
                   22
                   23
                   24
                   25
   Total cash flows:      -£14,496           -£8,100       -£17,752      -£16,427         -£20,761
Based on cash best to Rent                             Rent                         Buy
33) and the IRR (row 5) for the term a house is held
e mortgage loan and purchase costs (or free capital for tenants). For following years it is the sum of the monthly costs pa. The final year includes the s
                  3                            4                              5                             6
                       Rent           Buy             Rent           Buy            Rent             Buy          Rent
                     -18.16%       -10.47%          -18.25%        -8.48%         -18.35%          -7.04%       -18.45%
                                Buy                             Buy                             Buy
                       -£45,000      -£45,000         -£45,000       -£45,000       -£45,000        -£45,000      -£45,000
                        -£9,000      -£12,634           -£9,000      -£12,634        -£9,000        -£12,634        -£9,000
                        -£9,245      -£12,697           -£9,245      -£12,697        -£9,245        -£12,697        -£9,245
                        £38,258      -£12,761           -£9,497      -£12,761        -£9,497        -£12,761        -£9,497
                                   £59,579.95          £38,954       -£12,827        -£9,755        -£12,827        -£9,755
                                                                  £69,921.64         £39,663        -£12,894      -£10,021
                                                                                                  £80,606.99       £40,384




                         -£24,987         -£23,513     -£33,787         -£25,998    -£42,834         -£28,206     -£52,134
                                    Buy                           Buy                          Buy
e monthly costs pa. The final year includes the sale of the house/investment.
                                 7                             8                          9                          10
                        Buy             Rent           Buy           Rent          Buy          Rent           Buy
                      -5.95%         -18.55%         -5.08%        -18.67%       -4.37%       -18.78%        -3.77%
                   Buy                           Buy                          Buy                         Buy
                       -£45,000         -£45,000      -£45,000       -£45,000     -£45,000     -£45,000       -£45,000
                       -£12,634          -£9,000      -£12,634        -£9,000     -£12,634      -£9,000       -£12,634
                       -£12,697          -£9,245      -£12,697        -£9,245     -£12,697      -£9,245       -£12,697
                       -£12,761          -£9,497      -£12,761        -£9,497     -£12,761      -£9,497       -£12,761
                       -£12,827          -£9,755      -£12,827        -£9,755     -£12,827      -£9,755       -£12,827
                       -£12,894         -£10,021      -£12,894       -£10,021     -£12,894     -£10,021       -£12,894
                       -£12,963         -£10,294      -£12,963       -£10,294     -£12,963     -£10,294       -£12,963
                        £91,648          £41,117      -£13,034       -£10,574     -£13,034     -£10,574       -£13,034
                                                      £103,057        £41,863     -£13,106     -£10,862       -£13,106
                                                                                  £114,846      £42,622       -£13,180
                                                                                                              £127,029




                         -£30,128     -£61,694         -£31,753   -£71,522         -£33,070    -£81,625         -£34,068
                   Buy                           Buy                         Buy                          Buy
10                          11                       12                       13
       Rent           Buy        Rent          Buy        Rent          Buy        Rent
     -18.90%        -3.27%     -19.03%       -2.83%     -19.16%       -2.46%     -19.30%
                 Buy                      Buy                      Buy
      -£45,000       -£45,000    -£45,000     -£45,000    -£45,000     -£45,000    -£45,000
       -£9,000       -£12,634     -£9,000     -£12,634     -£9,000     -£12,634     -£9,000
       -£9,245       -£12,697     -£9,245     -£12,697     -£9,245     -£12,697     -£9,245
       -£9,497       -£12,761     -£9,497     -£12,761     -£9,497     -£12,761     -£9,497
       -£9,755       -£12,827     -£9,755     -£12,827     -£9,755     -£12,827     -£9,755
      -£10,021       -£12,894    -£10,021     -£12,894    -£10,021     -£12,894    -£10,021
      -£10,294       -£12,963    -£10,294     -£12,963    -£10,294     -£12,963    -£10,294
      -£10,574       -£13,034    -£10,574     -£13,034    -£10,574     -£13,034    -£10,574
      -£10,862       -£13,106    -£10,862     -£13,106    -£10,862     -£13,106    -£10,862
      -£11,157       -£13,180    -£11,157     -£13,180    -£11,157     -£13,180    -£11,157
       £43,394       -£13,257    -£11,461     -£13,257    -£11,461     -£13,257    -£11,461
                     £139,619     £44,179     -£13,335    -£11,773     -£13,335    -£11,773
                                              £152,631     £44,977     -£13,415    -£12,094
                                                                       £166,079     £45,789




      -£92,011         -£34,734   -£102,687         -£35,057   -£113,662         -£35,024   -£124,944
                 Buy                          Buy                          Buy
           14                       15                       16                       17
     Buy        Rent          Buy        Rent          Buy        Rent          Buy
   -2.12%     -19.43%       -1.83%     -19.58%       -1.56%     -19.72%       -1.33%
Buy                      Buy                      Buy                      Buy
    -£45,000    -£45,000     -£45,000    -£45,000     -£45,000    -£45,000     -£45,000
    -£12,634     -£9,000     -£12,634     -£9,000     -£12,634     -£9,000     -£12,634
    -£12,697     -£9,245     -£12,697     -£9,245     -£12,697     -£9,245     -£12,697
    -£12,761     -£9,497     -£12,761     -£9,497     -£12,761     -£9,497     -£12,761
    -£12,827     -£9,755     -£12,827     -£9,755     -£12,827     -£9,755     -£12,827
    -£12,894    -£10,021     -£12,894    -£10,021     -£12,894    -£10,021     -£12,894
    -£12,963    -£10,294     -£12,963    -£10,294     -£12,963    -£10,294     -£12,963
    -£13,034    -£10,574     -£13,034    -£10,574     -£13,034    -£10,574     -£13,034
    -£13,106    -£10,862     -£13,106    -£10,862     -£13,106    -£10,862     -£13,106
    -£13,180    -£11,157     -£13,180    -£11,157     -£13,180    -£11,157     -£13,180
    -£13,257    -£11,461     -£13,257    -£11,461     -£13,257    -£11,461     -£13,257
    -£13,335    -£11,773     -£13,335    -£11,773     -£13,335    -£11,773     -£13,335
    -£13,415    -£12,094     -£13,415    -£12,094     -£13,415    -£12,094     -£13,415
    -£13,497    -£12,423     -£13,497    -£12,423     -£13,497    -£12,423     -£13,497
    £179,978     £46,615     -£13,581    -£12,761     -£13,581    -£12,761     -£13,581
                             £194,344     £47,455     -£13,667    -£13,109     -£13,667
                                                      £209,194     £48,309     -£13,755
                                                                               £224,544




      -£34,621   -£136,541         -£33,835   -£148,462         -£32,653   -£160,717         -£31,058
Buy                          Buy                          Buy                          Buy
17                          18                       19                       20
       Rent           Buy        Rent          Buy        Rent          Buy        Rent
     -19.87%        -1.11%     -20.02%       -0.91%     -20.18%       -0.74%     -20.33%
                 Buy                      Buy                      Buy
      -£45,000       -£45,000    -£45,000     -£45,000    -£45,000     -£45,000    -£45,000
       -£9,000       -£12,634     -£9,000     -£12,634     -£9,000     -£12,634     -£9,000
       -£9,245       -£12,697     -£9,245     -£12,697     -£9,245     -£12,697     -£9,245
       -£9,497       -£12,761     -£9,497     -£12,761     -£9,497     -£12,761     -£9,497
       -£9,755       -£12,827     -£9,755     -£12,827     -£9,755     -£12,827     -£9,755
      -£10,021       -£12,894    -£10,021     -£12,894    -£10,021     -£12,894    -£10,021
      -£10,294       -£12,963    -£10,294     -£12,963    -£10,294     -£12,963    -£10,294
      -£10,574       -£13,034    -£10,574     -£13,034    -£10,574     -£13,034    -£10,574
      -£10,862       -£13,106    -£10,862     -£13,106    -£10,862     -£13,106    -£10,862
      -£11,157       -£13,180    -£11,157     -£13,180    -£11,157     -£13,180    -£11,157
      -£11,461       -£13,257    -£11,461     -£13,257    -£11,461     -£13,257    -£11,461
      -£11,773       -£13,335    -£11,773     -£13,335    -£11,773     -£13,335    -£11,773
      -£12,094       -£13,415    -£12,094     -£13,415    -£12,094     -£13,415    -£12,094
      -£12,423       -£13,497    -£12,423     -£13,497    -£12,423     -£13,497    -£12,423
      -£12,761       -£13,581    -£12,761     -£13,581    -£12,761     -£13,581    -£12,761
      -£13,109       -£13,667    -£13,109     -£13,667    -£13,109     -£13,667    -£13,109
      -£13,466       -£13,755    -£13,466     -£13,755    -£13,466     -£13,755    -£13,466
       £49,178       -£13,846    -£13,833     -£13,846    -£13,833     -£13,846    -£13,833
                     £240,412     £50,062     -£13,939    -£14,209     -£13,939    -£14,209
                                              £256,816     £50,960     -£14,034    -£14,596
                                                                       £273,774     £51,874




     -£173,314         -£29,036   -£186,263         -£26,570   -£199,574         -£23,646   -£213,256
                 Buy                          Buy                          Buy
           21                       22                       23                       24
     Buy        Rent          Buy        Rent          Buy        Rent          Buy
   -0.57%     -20.49%       -0.42%     -20.65%       -0.28%     -20.81%       -0.15%
Buy                      Buy                      Buy                      Buy
    -£45,000    -£45,000     -£45,000    -£45,000     -£45,000    -£45,000     -£45,000
    -£12,634     -£9,000     -£12,634     -£9,000     -£12,634     -£9,000     -£12,634
    -£12,697     -£9,245     -£12,697     -£9,245     -£12,697     -£9,245     -£12,697
    -£12,761     -£9,497     -£12,761     -£9,497     -£12,761     -£9,497     -£12,761
    -£12,827     -£9,755     -£12,827     -£9,755     -£12,827     -£9,755     -£12,827
    -£12,894    -£10,021     -£12,894    -£10,021     -£12,894    -£10,021     -£12,894
    -£12,963    -£10,294     -£12,963    -£10,294     -£12,963    -£10,294     -£12,963
    -£13,034    -£10,574     -£13,034    -£10,574     -£13,034    -£10,574     -£13,034
    -£13,106    -£10,862     -£13,106    -£10,862     -£13,106    -£10,862     -£13,106
    -£13,180    -£11,157     -£13,180    -£11,157     -£13,180    -£11,157     -£13,180
    -£13,257    -£11,461     -£13,257    -£11,461     -£13,257    -£11,461     -£13,257
    -£13,335    -£11,773     -£13,335    -£11,773     -£13,335    -£11,773     -£13,335
    -£13,415    -£12,094     -£13,415    -£12,094     -£13,415    -£12,094     -£13,415
    -£13,497    -£12,423     -£13,497    -£12,423     -£13,497    -£12,423     -£13,497
    -£13,581    -£12,761     -£13,581    -£12,761     -£13,581    -£12,761     -£13,581
    -£13,667    -£13,109     -£13,667    -£13,109     -£13,667    -£13,109     -£13,667
    -£13,755    -£13,466     -£13,755    -£13,466     -£13,755    -£13,466     -£13,755
    -£13,846    -£13,833     -£13,846    -£13,833     -£13,846    -£13,833     -£13,846
    -£13,939    -£14,209     -£13,939    -£14,209     -£13,939    -£14,209     -£13,939
    -£14,034    -£14,596     -£14,034    -£14,596     -£14,034    -£14,596     -£14,034
    -£14,131    -£14,994     -£14,131    -£14,994     -£14,131    -£14,994     -£14,131
    £291,307     £52,803     -£14,231    -£15,402     -£14,231    -£15,402     -£14,231
                             £309,434 £53,747.58      -£14,333    -£15,822     -£14,333
                                                      £328,176     £54,708     -£14,438
                                                                               £347,555

      -£20,244   -£227,321         -£16,348   -£241,778         -£11,939   -£256,639         -£6,999
Buy                          Buy                          Buy                          Buy
24                           25
       Rent           Buy         Rent
     -20.98%        -0.03%      -21.14%
                 Buy
      -£45,000       -£45,000     -£45,000
       -£9,000       -£12,634      -£9,000
       -£9,245       -£12,697      -£9,245
       -£9,497       -£12,761      -£9,497
       -£9,755       -£12,827      -£9,755
      -£10,021       -£12,894     -£10,021
      -£10,294       -£12,963     -£10,294
      -£10,574       -£13,034     -£10,574
      -£10,862       -£13,106     -£10,862
      -£11,157       -£13,180     -£11,157
      -£11,461       -£13,257     -£11,461
      -£11,773       -£13,335     -£11,773
      -£12,094       -£13,415     -£12,094
      -£12,423       -£13,497     -£12,423
      -£12,761       -£13,581     -£12,761
      -£13,109       -£13,667     -£13,109
      -£13,466       -£13,755     -£13,466
      -£13,833       -£13,846     -£13,833
      -£14,209       -£13,939     -£14,209
      -£14,596       -£14,034     -£14,596
      -£14,994       -£14,131     -£14,994
      -£15,402       -£14,231     -£15,402
      -£15,822       -£14,333     -£15,822
      -£16,252       -£14,438     -£16,252
       £55,685       -£14,546     -£16,695
                     £367,594      £56,678
     -£271,915         -£1,506   -£287,617
                 Buy

				
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posted:8/5/2012
language:English
pages:9