A Rant Over Rent

I was very concerned to read the news that UK renters are on average paying the highest rates in Europe trumping the likes of Paris and Spain (sourced from 24dash.com). The survey that uncovered these findings quoted that room renters are paying an exorbitant £348 per month – over £60 more than France the second most expensive country on the list.

I worry that renters are being squeezed so much that they are unable to save for their future and deposits on their own homes. This is of course the vicious cycle that has been created by the recession: higher prices resulting in less people saving and less people able to get a foothold on the property ladder.

Fortunately help in its various forms is at hand for victims of criminal rental prices who simply have been unable to save for a sufficient deposit. Shared equity schemes like Home Buy Direct and our own shared equity scheme MiWay have proved hugely successful in helping to supply demand for wannabe home owners.

My concern is that the message is still not getting through to those who are stuck in that rental rut. Although house prices are rising slowly the cost of new homes are still at their most affordable in a decade. And with so many schemes open to purchasers this really is the best time to buy.

I would urge those who are currently renting or those who are considering it to re-examine their options – they may be missing out on the house buying bargain of a lifetime and once you are on the ladder you’ll never look back.

By Sue Warwick National Sales and Marketing Director Miller Homes