Renting versus House purchase

There is a seismic change going on in the UK house market. Despite the recent pandemic and economic slowdown,  the UK housing market is growing, and house prices are rising. It’s becoming harder for first-time buyers to be able to afford a new one or even an established property. Therefore more and more people are looking to rent and have been renting almost all their lives out of necessity. Are there any advantages to living this way?

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Home ownership is a relatively new concept for Britons. It became an option in the twentieth century as greater wealth distribution and better social conditions meant that working wages rose. Mortgages are still needed, and the work of Conveyancing Cheltenham based companies like https://www.montpellier.legal/ also becomes greater.

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With Renting, you have the protection of knowing that if something major goes wrong with the property, it is the Landlord who will need to pay for it. However, the property is never yours, and you have to ask for permission to do anything with it. You can “enjoy” the property, but you always have a fear of losing the deposit. With homeownership, whilst you have to be responsible for any issues, at least you know it’s your home to do with as you see fit. It also means that when you move on to the next place, you have a deposit from the sale of your current property.

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