At one time, renting a property was considered a sure fire way to throw your money away. However, with fewer people able to easily afford to get themselves onto the property ladder, renting property now seems to be the most popular option, especially for those in London. But, despite it now being the most sensible choice for most, is it really cost-effective or is it still a case that people are simply throwing their money away?
What is interesting about the current property market is that, whilst the cost of buying a house has risen dramatically, the demand is outstripping supply for rental properties in the capital. Therefore, rent has increased significantly.
But what about those who are worried that they are simply throwing their money away? Well, finding properties to rent in London will leave you no more out of pocket than the money you will be ‘wasting’ on interest. On top of that, the extra costs associated with buying a house will mean that you are saving even more by renting.
Therefore, as rents are currently so high, it is actually more cost effective to buy a property in the long term than to rent. For this reason, you should contact a reputable estate agent who will be able to find a property that is right for you.
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