THE TOP 5 REASONS YOU SHOULD RENT NOT BUY

OK, so the time has come , you’re moving out and will you decide to rent or buy? to help you reach that all important decision we've collected your top five tips on what we feel is the best route for any first time buyer or re-locator in 2013.

1. Less responsibility – Forget fixing pipes or getting boilers serviced, if something breaks, your landlord will most probably fix it - a lovely luxury that a home-owner would have to face and pay for .

2. No Loan – Purchasing a home will almost certainly include a loan to buy it , mortgages are tricky things and can make for some complicated reading , making sure you secure the right rate, not to mention the re-payment options and being tied in for a number of years. Not appealing. Renting will let you have freedom, pay your bills and get out when you choose - no ties , no payback and no risk of losing money in the uncertain housing market of today.

3. More freedom and more choice – How long your rent for is up to you , yes there is a minimum of a 6 month let on most rentals, however in the grand scheme of things , that’s not long and you are free to move on when or if you fancy a new location. When you rent, the world really is your oyster, embrace it and go rent hoping!unless you fancy being tied down to loan repayments for the next 30-40 years that is?!

4. A little bit of luxury - In this rental market , you could quite possibly get lucky and secure a something with a bit of style . Something that you simply couldn't afford on the housing market but could easily split between friends in a house share. Letting you live the high life till you really are ready to get tied down to a property permanently.

5. A quick fix – Renting is a fantastic option for those of you who are looking to move on and in quickly. Rentals can take just a week to settle searches,  paperwork and references. Buying a house can take an average of  12-16 weeks - from offer acceptance to completion - not forgetting lack of security on your purchase with risks of falling through and money being lost of solicitors/conveyancers before you've even moved in.

Now it’s time to make that all important decision , look at what your life requires at this moment in time, renting is a great option for those who don’t know just yet and want to explore their options, giving you a sense of freedom that you simply won’t get with a house purchase. bite the bullet, make your move and add a bit of variety to your living - rent.

Latest data shows, residential rents are up by 8.4% in England in the last eight years

In England, private rental prices have risen by 8.4% over the past eight years between May 2005 and May 2013, according to the latest statistics released by the Office for National Statistics.

During this period private rental prices risen the most in London, up by 11% and the East of England with the increase of 8.3%. The North East and East Midlands saw the smallest increase of 5.2% and 5.3%

In the past 12 months alone average private rental prices have risen in eight of the nine English regions. The biggest private rental price rises were in London at 2.2% and the South East at 1.2% while they declined by 0.1% in the North East.

Amidst May 2012 and May 2013 private rental prices in Britain increased by 1.3%. If London is ruled out then the increase is 0.8%. In England the increase is 1.3%, in Scotland 1%, and in Wales 1.5%.

This means that a property that was rented in May of last year at £500 a month, which saw its rents rise by the average rate would be rented in May of this year for £506.50.

The big weight that London has in the overall index shows its high average rental prices and its large volume of private rented property. All the countries that represent Britain have seen increases in their private rental prices since 2011, which is the first year for a Britain index.

These movements are shown in rises in the rental price levels, with England’s rental prices rising more than those of Scotland and Wales. Between May 2011 and May 2013 rental prices have risen by 2.7% in Britain.

For the same time frame, rental prices rose by 2.8% in England, 2.2% in Scotland and 2.3% in Wales. With the exception of April and May 2013, the annual rate of change in the IPHRP has been higher in England than in Scotland or Wales.

Nevertheless, the annual rate of change has been rising in Wales and Scotland since late 2012. May 2013 is the following period since January 2012 in which the annual rate of change in Wales was higher than in England. The IPHRP series for England starts in 2005. Private rental prices in England show three separate periods. Rental price rises from January 2006 until November 2009, rental price drops from December 2009 to November 2010, and rising rental prices from December 2010 onwards. Of these three periods, 2008 experienced the biggest rental price rises.

When London isn’t included, England represents a similar pattern yet with slower rental price rises.

Since the beginning of 2012 English rental price rises have been secure at around 1.5% year on year. Rental price rises have been stronger in London and the South East than the rest of England since January 2011.

For more information please feel free to contact us at:

http://www.lettingvision.co.uk/