The house market

Owning a house can be very rewarding and fulfilling, the satisfaction of purchasing a house you worked hard for is great and rightly so!

House prices have been steadily on the rise for the past few months, and especially due to Covid its been harder then ever to buy a house.  House prices now (recorded in October) average around £270,000.

This is mainly due to more people demanding more space. Buyers are wanting larger properties with more land and as a result the prices are more expensive. These desirable houses are mostly in urban areas, and as a result city properties are being purchased less.

So with rising house prices how achievable is it for first time buyers to acquire property? If you can manage to pay a large deposit your mortgage could be affordable however this means those that can’t afford the higher deposit means its harder than ever to buy a home.

Taking all of this into account it is actually cheaper to rent right now, with monthly rent payments turning cheaper overall then paying a mortgage.

Why rent?

There are lots of reasons why you should find a rental property, here are some of the main benefits of renting:


Renting a property means you are not chained down in anyway. You do not need to pay any money to fix your property as the landlord will take care of it and if you decide you don’t like the property or location you can leave when it is suitable to do so.


Aside from renting being currently cheaper then buying, you don’t have to worry about your property loosing value! Most homeowners find that elements out of their control such as crime, unemployment or even surplus traffic in an area can devalue a property! So without that uncertainty of not knowing if your property has been a good investment or not, you can rest easy.

Change of circumstances

When people buy property, they go into the investment thinking that they will have a stable income for life. as we know situations can change very quickly, especially right now due to Covid and unemployment figures, it can be hard to hold down a job. Once that monthly mortgage payment is agreed upon its hard to change. Renting doesn’t have this issue as you mainly pick what you can afford and can adjust your living expenses to cover the rent cost.


One of the most unappealing aspects of buying a property is the amount of debt you acquire, most people have student debt or credit card debt but mortgage debt can take up to 30 years or more to pay off completely. Some people prefer to not have that much debt attached to them as it is a big commitment.


If you find a job you love in another city, or the career you want to go in has become more achievable in another area you are free to move without property weighing you down.

The future

The future of the housing market is uncertain right now, Covid is playing a large factor and prices fluctuate monthly so its important to keep track of changes to keep fully updated. One thing is for certain though, Em lets is here to help find what’s right for you!


Thanks for reading.