Is renting a viable alternative to a house purchase?
As the UK property market continues to spiral downwards, despite the attentions of the UK government, many people are now looking towards the rental market which has also had its fair share of troubles in recent times. Rental values have fallen in line with house prices and there are now some very attractive lease and rental options open to many areas of the UK. So is renting a viable option in the short term?
For those who are struggling financially, or expect to in the short to medium term, a short-term rental agreement could turn out to be a very useful alternative to a house purchase. While you obviously do not share in any potentially increase in the cost of the property in the future, a rental agreement will no doubt offer many the chance to terminate their agreement at minimal notice as and when alternative arrangements can be made - perhaps when the UK housing market looks better.
Interestingly we have also seen a major increase in the number of couples and single people moving back to their parent's homes to save money. While this is not always an option for everyone, it may be something which can assist in reducing the short-term financial pressure which many in the UK are now feeling.
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