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Renting now cheaper than buying – why now is the time to rent

Posted 25th August 2021

Renting in Retirement

If you are retiring and plan to move house, you may be in a dilemma over whether to buy or rent a property – we hope we can help.

New research from estate agency, Hamptons has revealed that for the first time in more than six years, it is cheaper to rent a property than buy one. 

Shifting trends

Before the pandemic, people with a 10% deposit would have been better off buying a property by £102 a month compared to renting. By May 2021 this had changed, and the average private sector tenant was better off, spending £71 a month less in rent. 

The prices varied enormously depending on where you are, with Greater London being £251 cheaper, the South West of England being £108 cheaper, the South East £54 cheaper – whereas in Wales it was only £11 cheaper.

Release equity

This is good news if you want to rent in retirement and plan to downsize and free up capital from the sale of your home. If so, you are in good company. Research from Paragon Bank last year found that the number of 65 plus renters had grown by 93% in recent times.

We are seeing rising demand for our rental properties in specialist retirement developments, particularly as most are rented on an assured tenancy, giving people security and reassurance they can stay in their home for as long as they like. 

Renting in a retirement development is very affordable too and we have properties to suit all budgets. While some popular retirement hotspots can be out of reach for people to buy, we offer affordable rental properties in these areas too!

If you rent through My Future Living, you won’t receive any surprise bills or service charges as everything is included in the monthly rent. 

You won’t need to worry about repairs or maintenance either, as we take care of this for you, saving you money too. 

Our professional maintenance team aim to fix things quickly the first time they visit your home. This is good news for you, and it helps the environment too!

Compare this to buying a retirement property, where the responsibility for repairs and maintenance often lies with the homeowner, there tend to be service charges as most will be leasehold. 

Our rents only rise in line with the retail price index, so there are no unexpected rent hikes every year.  You may also benefit from good deals on utility and energy bills because you are living in a community setting. 

When people get older, their health needs may change quickly. With renting you have the freedom to move again to be near family or to somewhere that offers more care facilities, without your having to worry about selling first to afford such a move.