By Steve Roulstone
I recently commented on how the BBC in a recent report, jumped to conclusions without researching the market to back up the assumptions that they confirmed on air. Namely, that not buying your own house was bad for individuals and supposedly the Country as a whole. There is no great surprise here because the BBC loves to report on the property market in a negative manner, I wish I knew why, but can only surmise as to the reason!
Endesleigh understand!
So it was with great pleasure that I found an article pointing out that by way of a survey that had been carried out, my own findings, from dealing with Tenants on a daily basis, were correct. One of the main reasons people are renting is because it suits their lifestyle. The ability to move on quickly, sample differing locations, City or Country, differing types of property, Flats or Houses all add to the trend for renting to become more popular up and down the UK. I do not quite understand the reference to colours contained in the article, but will comment further on the point about price, because another article, released on the same week, completely disagrees.
The Telegraph does not!
So imagine my surprise, within five minutes finding an article that completely sees the current market in the opposite way in relation to the cost of Renting against the cost of Buying? I accept that the report does refer to first time buyers and specific advantages available to them in the housing market, but I think we have to look at where the information comes from in this case. Unfortunately, we are not given that much detail, but what I can state, is that the average rent of £677 for a two bed flat, is heavily influenced by London rates and is therefore unrepresentative of the rest of the Country. More detail would be useful.
Complicated process.
What does effect the decision to rent rather than buy, is the legal process that everybody has to go through and the risk associated with a sale collapsing, this despite open discussion and comment that the system is in desperate need of reform. The long winded buying process is unworkable for people who know they will probably have to move at least once if not twice during their formative working years and until such time as a quicker, cheaper workable method of buying and selling property is introduced, this will only further encourage people towards the rental market.
Facts do not lie.
Well in this case with the affordability question, I guess the jury is still out and unless and until we see the figures behind the statements contained in these reports, I for one could not comment further. However, one fact that needs adding to this equation is the evidence we see through our own Agency of a legal system which appears to be getting worse rather than better, causing more deals to collapse. I say this because we see the effect of sales that have gone wrong as owners turn to the rental market to allow them to move on by renting their home out or desperate for rented property to allow their chain not to collapse, in increasing numbers. Add this to the proven fact that more and more people are looking to the rental market for their chosen route to find a home, the problems, cost and delays caused by buying and selling property at present will only swell the ranks further and add to those people turning to the rental market as their solution.
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