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7 reasons why renting is better than buying right now – especially in London

by Jessica Weisman-Pitts
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The one time in your life where being a commitment-phobe may actually pay off…

Our parents may think the smartest idea is for us to save to buy a house or flat – but is renting actually the way forward?

The team at Essential Living have put together 5 reasons why renting is actually better than buying right now in London, for those who need an excuse to move out and rent in London, this ones for you:

  1. Cost of houses has never been higher – Reports into housing vs. rent prices have shown it is now actually cheaper to rent than to buy a house in London.
  1. The last year, and this pandemic, has made us all feel like we want to live our lives for the now – and not for the ‘future’ us. Renting allows people to do this and gives people the freedom to change their minds, upgrade, downgrade or just have a general switch up.
  1. If something goes wrong then your landlords or agents should be on hand to help – this can be overwhelming for someone in a new house who has to fork out their own money and find someone reliable in a new home in a city that may also be new to them too.
  1. Renting gives you the option to try out different areas – London is a big city and every area has its own feel. Some people prefer the bustling city life in locations such as Shoreditch or Bethnal Green and others prefer to enjoy London life in a quieter setting, such as Greenwich or Tower Hamlets.

If you are newly moving down to London from elsewhere then you may want to try living in a couple of places before settling on somewhere permanent.

  1. The last year has shown us that most of us can work from anywhere in the world – whilst you are stuck paying off a mortgage if you choose to buy, once your rental contract is up, you can decide if you want to stay where you are, move elsewhere in London or even move abroad!
  1. Renting gives you more opportunity to be able to afford to live in the area you actually want to be in rather than compromising on where you can afford a mortgage. For the average salary in London areas in central London, locations may be completely out of budget to buy, but affordable to rent.
  1. Renting is much easier for those newly self-employed (especially those who have only started their businesses/self-employed status in the past 4 years or less). Getting a mortgage when you are self-employed can be stressful, no matter if your business is doing well/ has taken off this past year or so. If you have been self-employed for less than 5 years, many people find renting is a lot less stressful than going through the mortgage application process.

 

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