Should You Rent Or Buy In London In The Current Climate?
I have moved to London and found renting very cheap, with so much supply in some areas that landlords are open to bartering. The rent on a three-bed house is about £1,200 a month, close to the mortgage we could afford (we have a large deposit). Should we rent for a while, with prices on the slide, or buy in case they turn up?
House Doctor at The Independent answers that renting is a much better option these days, although it is true that the best bargains are said to be had in the next 3-6 months.
The strongest argument against buying is that you will risk losing some of your deposit if prices fall further; add legal and estate-agent fees and stamp duty, and “you’re more committed than if you rented”.
