Buying more affordable than renting later this year - claim

OMG… a more nonsense article I have never read 🫤🫤….. so let us get this straight, they are saying that long term it’s best to eventually stop paying a monthly amount of money to live in your home 🏡😂😂 blow me down with a feather 🪶.

Why do these articles always seem to assume everyone has the same choices available, the same income, the same priorities, etc?

Buying a home will be the best option for SOME people at some point in their lives. People with good incomes, secure jobs, who want to live in one place for a prolonged period.
For everyone else renting is probably more suitable. Whether renting is a permanent thing largely depends on salary and job security. For the very significant percentage of the population who rely on UC top ups owning their own home would be a major financial problem as they wouldn't receive any help towards housing costs.

Surely the standard route today is to rent while at university, rent while in first few years in career to allow mobility, meet partner and rent together, decide jobs and relationship are long term and buy a house big enough for weekend guests or a baby, upgrade to buy a bigger house, kids leave home, think about downsizing, realise all the fees wipe out too much of the money you were hoping to release, shuffle around big house as it deteriorates around you, rent a space in a care home.

Well good to hear mortgages are going to get cheaper. In terms of comparing renting to buying, it depends whether you are taking a short or long term view. As they say, if you buy you have all the up front costs plus all the maintenance costs (including expensive things like new boiler and roof repairs) plus the risk that your property could go down in value and the risk that interest rates can suddenly go up by several hundred pounds per month. If you rent then your costs are more predictable and you don't have maintenance costs. Also you can up and leave at 4 weeks notice if you feel like it. However you will never own the property and you can't just do whatever you want. So for some people renting is the better option.

A very large number of people will never qualify for a mortgage, they'll never save the deposit, earn enough, or have poor credit histories , for these people renting is the only way

When the huge upfront costs of buying, selling and moving are built in, owning is only cheaper over a pretty long term and private rental provides a much more cost effective option for many, either at specific stages in life or for the entire life of most benefit claimants.

Incidentally the profit on sale is largely cancelled out by inflation or swallowed up by Care Home fees.

So much for you'll own nothing eh ??

The very biggest advantage with owning outright in old age, is that someone else cannot decide where you live 😱😱. If you’re evicted after retirement then you’re in a world of stress.

• Jo Westlake
• 01 March 2023 15:02 PM

Theoretically you're right as long as someone is in good health and has sufficient pension income to pay for repairs and maintenance. If they don't get scammed by a con artist and overcharged for mythical work that didn't need doing. If their health doesn't deteriorate to the point living in their long-term home is physically difficult. The process of packing up and selling at that point is simply too much for some people and as a consequence their quality of life is horrendous. I saw it many, many times when I was a taxi driver and it's incredibly sad to see people's much loved homes literally sucking the life out of them.
While renting in the general PRS may have a small risk of eviction (especially when the government dream up yet more taxation or expensive regulation) is that risk present if renting dedicated retirement property?

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Anyone who think they can buy for the cost of Renting are deluding themselves, so your £400 / £500. pm shared rental is going to buy you a property Deposit or not, come on now & 25 years around your neck.
Good luck
When I was buying it would take 3 properties to pay for one, before the Woolwich buy 2 let ponzi type schemes I think they were gobbled up by Halifax.

Listen to LBC now we are getting wronged

The trumpet has published details of mat Hancock asking a newspaper editor to send out (publish) what is covid propaganda.