For generations people have aspired to be a home owner. However, in the current climate evidence shows it may be a better idea to rent. In the past there was an expression of horror when anyone admitted to renting a property as though a swear word had been uttered.
To get on the first rung of the property ladder today, requires a minimum deposit of something in the region of £20,000 and unless a young couple can rely on their parents for help, it will be almost impossible for them to buy a new home. Both the recession and the stagnation of the housing market have meant that during the past three years the United Kingdom is increasingly becoming a nation of renters. Property prices may well be slowly falling, but they still remain out of the reach of the average wage earner, particularly now that the building societies and the banks have both tightened up their mortgage regulations.
For generations, everyone was told that an Englishman’s home was his castle. Even the Prime Ministers since the late 70s have all told us how home ownership should be the ultimate aspiration of anyone who seeks both social and financial stability. Margaret Thatcher had this belief when she introduced legislation in the 80s making it easier for anyone to buy their own council home. At the time she compared the business of government to running a household.
There was an attraction to owning a home as it gave a person a stake in something bigger as well as a sense of self respect. We were even encouraged in the love affair with bricks and mortar by endless programmes on the television that tempted us to greater excesses with the allure of home improvements. Times have changed and renting is not the taboo that it used to be. There are those who still believe that renting is throwing money down the drain as there is no return on it, or being in the trap of paying for rent and bills and not having any money to save for a deposit to buy a house.
On the plus side, the landlord who will have landlord insurance will be responsible for all repairs, maintenance and decorating. It is also much easier to move when renting compared to owning the house. Unless the current climate changes, renting is set to become even more popular.