What is the cost of renting versus buying?
Mary-Anne Bowring 22/11/2023
2344
What is the cost of renting versus buying?
You can now find out how much it would cost to rent a house in different parts of the country over a ‘lifetime of renting’–assumed to be 50 years–thanks to a new Proptech tool designed by furnishing company Thomas Sanderson. This clever piece of software also compares the average cost of buying a property now against lifetime renting costs. So how does it work? Well, it is easy - just go to https://bit.ly/2Euli6p and enter your chosen postcode or city. The app will work out how much it would cost to rent a house in that area for 50 years.
The software brings up a map of the area that you have chosen, showing different average rents for different postcodes. If you then click on your chosen postcode, you can see the difference in lifetime rental payments and the cost of buying a home in the same area. Ringley is based in London NW1, so we thought we would do some comparisons of our own. The results were staggering.
£2.25m!!
A lifetime of renting in our area would cost a tenant £2.25M, while the average house price currently just tops £1M–a difference of 111%! The app also shows the 10 most expensive locations for renting and the 10 most affordable. Areas that will eat up your rent the quickest are London–no surprises there–Surrey and Berkshire. In contrast, the most affordable part of the UK is Scotland. It is all a little predictable but still an interesting exercise for renters, especially if you are thinking of moving.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.