Since 1997, the average house price in England has risen by an incredible 173%. With incomes only increasing by 19% in this period, it’s easy to see why fewer young adults can’t afford to buy a home.
These figures have resulted in a drop of home ownership amongst 25- to 34-year-olds from 55% in 1997 to 35% in 2017.
But it’s not all doom and gloom – those who need to rent should embrace the many benefits of renting a property…
No property maintenance costs
Any issues to do with plumbing, electrics, or any type of property maintenance, just go straight to the landlord, meaning renters won’t have any unexpected bills arising out of the blue.
Avoid trading up costs
With an average house move costing £12,000 in solicitor, agent and mortgage fees, as well as stamp duty, this is one great benefit of renting – you can change properties with minimal investment. This is particularly useful if you need to move locations for work or schools, or if you just like a change of scene every now and then.
Sarah Jenkins, Lettings Director of smarthomes commented, ‘Many people think that good landlords are hard to find but the same can be said for good tenants. A tenant who has good references and who wants to stay in a property long-term can often negotiate a better rate through their estate agent.’
Invest funds elsewhere
By avoiding hefty deposits and stamp duty fees, renters are free to invest their cash in other ways – whether they want to invest in pensions, stocks and shares, or business opportunities.
To see what properties smarthomes currently have for rent, please click here: