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If you\u2019re older than your mid-twenties, it\u2019s likely you\u2019ve grown up believing that the property ladder is your passport to happiness. If you haven\u2019t got your foot on the bottom rung, you should, according to the perceived wisdom, be miserable. You\u2019re trapped in a cycle of paying rent which stops you saving for a deposit, which stops you getting a mortgage which means you\u2019re stuck renting. But if property ownership is the passport to happiness, why are more and more individuals and plenty of cultures actively embracing it?<\/p>\n
Home-ownership hasn\u2019t always been the norm in the UK, but a steady drive towards it has been promoted by affordable lending and government policy. In addition, in the post-war years, houses built for rent were often uninspiring, creating a desire to have a place of your own. It\u2019s become a mindset that many cling to \u2013 even when it no longer serves our needs.<\/p>\n
Whatever reasons we can find in the past for our obsession with owning, it\u2019s clear that the situation is beginning to change. The private rented sector now accounts for around 20% of our housing and despite some landlords taking umbrage at tax changes, that proportion is growing. The very difficulty of getting a foot on the property ladder is causing opinions to change. With so many people renting, it\u2019s normal. The largest proportion of renters are now in the 35-49 age bracket. Many are families with children who want stability, and more and more landlords are moving to accommodate these desires. Around 80% of tenancies are for twelve months, rather than six. Soon, open-ended tenancies, popular in many other countries will become a \u2018selling\u2019 point as landlords realise the value of a reliable long-term tenant.<\/p>\n
The market may be forcing the issue, but there are plenty of reasons to love renting. That\u2019s why even in healthy economies like Germany\u2019s, people continue to rent. Renting is great, and here\u2019s why:<\/p>\n
In some situations, owning a property can feel like having a millstone around your neck. Renting gives you more opportunities when your circumstances change. Renting suits the way we live and work now. Get a new job in a different city, change who you live with or downsize if it suits. If you want to take a year-long sabbatical and travel the world there\u2019s nothing to worry about.<\/p>\n
Property ownership comes with a hefty dose of responsibility. With a rental, someone else takes care of the maintenance, checks the appliances and ensures your home is a safe place to live.<\/p>\n
Mortgage rates can fluctuate, but it\u2019s easier to budget when your outgoings are predictable. Any big maintenance bills that arise are the landlord\u2019s responsibility. You\u2019re safe if property prices start to take a tumble \u2013 renting is a great option when the economy is struggling. What\u2019s more, your upfront costs are a fraction of those involved in home ownership. Your insurance costs will also be lower because you\u2019re not paying for cover on the building.<\/p>\n
Tenants are driving a lot of the changes in the renting landscape and that\u2019s fantastic. When renting stops becoming a temporary measure and becomes a genuine positive choice \u2013 a trend that\u2019s already in progress \u2013 we\u2019ll see more and more tenancies designed around the needs of tenants. And we\u2019ll see more rental properties being shaped into the long-term homes that tenants crave.<\/p>\n
Renting is much, much more than the result of a failure to get on a property ladder. It\u2019s about freedom, flexibility and living with less stress.\u00a0 The sooner we lose our cultural attachment to owning the places we call home, the better.<\/p>\n","protected":false},"excerpt":{"rendered":"
If you\u2019re older than your mid-twenties, it\u2019s likely you\u2019ve grown up believing that the property ladder is your passport to happiness. If you haven\u2019t got your foot on the bottom rung, you should, according to the perceived wisdom, be miserable. You\u2019re trapped in a cycle of paying rent which stops you saving for a deposit, […]<\/p>\n","protected":false},"author":2,"featured_media":5893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[63,2089,2183,21],"yoast_head":"\n