Rent Or Buy Property: That Is The Question
Just a couple of weeks ago National Homebuyers produced a blog post that highlighted a Chelsea garage, big enough for just one car, which sold for over half-a-million pounds in October this year. After warnings from Europe and acknowledgements from our own Prime Minister, it is clear our housing crisis is a deepening and worrying issue.
With exorbitant house prices and predatory buy-to-let investors moreover, is there any point in trying to buy at all?
Of course, with home ownership comes a sense of status which certainly has a greater impact than we’d care to admit. It is a rite of passage; with owning your own home being considered a significant step in the walk of life (I love Dire Straits). There are some signs and many reasons why our attitudes are beginning to shift however.
Let’s start with the reasons.
Alex Proud of the Daily Telegraph gave us a scathing and yet brilliant review of the state of Britain’s housing crisis last week. He highlighted the unwillingness of the baby boomers to have funded their own pensions and the demographic time bomb which is going to leave those of us under 30 working until we’re 90 years old. With the combination of both an equity-rich and a disengaged electorate leaving progressive housing policies gathering dust.
It was, in short, an extension of Ha-Joon Chang’s damning critique of globalisation and the widening gap between rich and poor that is its consequence.
That being said, it’s not just those for whom buying property seems out of reach that are opting to rent. Some are even selling to do so, but why?
One reason is equity release. Instead of having capital tied up in a property it makes economic sense to use this money to fund entrepreneurial endeavours or invest elsewhere for a greater return. What’s more, rental prices for family homes have not seen anything like the same price increases as the rest of the rental market, with renting often providing better choice.
So, should you buy or should you rent?
Obviously, there are too many factors to even think about offering recommendations. All we can hope for is a more fair-minded level of discourse in politics regarding housing policy which, I suppose, depends on the mobilisation of the electorate.
For those wondering ‘how good an investment is property’, check out Alex Johnson’s informative article in The Independent to see what he had to say on the matter.
If you do decide that you can get a better return by investing your money elsewhere and you want to sell your house fast and easily, make sure you get in touch with the UK’s leading house buying company via the ‘Get Offer’ form on the right hand side. Alternatively request a call back or give us a call on the number at the top of the page.
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