Owning your own property has always been something to aspire to. As Briton’s we love the feeling of owning our own space, and it makes good sense financially too. However, as we enter another unpredictable year some are suggesting that many of us will be turning our backs on becoming a homeowner.

So, is renting the new owning? Do you agree? Will you be looking for a new house this year or staying put in the rental market?

The claim

According to one leading UK law firm, increasing consumer nervousness, unemployment, a squeeze on purchasing power triggered by the economic downturn, and fears over the Eurozone debt crisis are factors which could force many of us to turn our backs on prospective home ownership.[1]

The claim is that renting has always been a necessity in the UK, only done while individuals save up to afford to buy their own home. However, the thinking is that now this is becoming a lifestyle choice rather than a stopgap solution.

When renting a property, people can be given more of an opportunity to plan their spending more accurately and also have the flexibility to relocate and follow job offers. It’s thought that these factors are currently gaining increasing importance in the current financial climate.

Homeownership is a valuable investment

You may like the freedom that renting gives you. Yes you can move jobs and spend time living in other areas of the UK, but it still rings true that renting is effectively dead money. Your monthly outgoings will simply be falling into the hole that is the rental market. When owning your own property everything you spend will go towards the eventual goal of owning your home out right. Is there anything freer than one day cutting out monthly payments all together?

The landlord is king

With more and more people renting, the market is booming and those that bought to let are reigning supreme. With more demand, price can potentially increase. If value for money in the market starts to drop will your quality of life be any better renting?

In the economic downturn house prices have dropped. Rather than holding on in the rental market, now could be the time to move.

It could be closer than you think

There are schemes that can help you. As the current Government continues its aims to boost the property market and provide assistance to creditworthy first time buyers, there may not be a better time to jump ship from your current rental.

You’ll get help with the deposit – remember there’s no one helping you meet those rental payments. With that, you’re on your own!