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Is it better to rent or buy a property?

Date Published 22 November 2019

Historically, owning property was a goal that the majority of people aspired to. In January 2005, the average house price was £150,633 in the UK. House deposits during this time averaged at around 5%, meaning that a deposit would cost around £9,037.98. However, fast-forward to 2019 and this is no longer the case with house deposits now averaging at around £20,000.

This change has doubled the number of renters in the UK and with so many more people choosing to rent, the question as to whether renting or buying a house is better is not as straightforward as it once was!

So, here at Marshall Property, we've listed some of the pros (and cons) of both buying and renting a property to try and help you decide!

Pros of Renting a Property


Renting can offer more in the way of flexibility as it allows you to either renew your tenancy agreement and continue to rent the same property, or move to a new rental property each time your tenancy agreement ends. Renters can easily relocate in search of new career opportunities, to be closer to family, or just because they fancy a change!

This flexibility is also useful for those who experience a change in their financial position. For example, if a renter has a wage increase and wants to move to a flat with an extra bedroom, they can. Homeowners do not have this same flexibility, although, they are able to increase their monthly mortgage payments and reduce the length of their mortgage.

Furnished Flats

If you are in the financial position where you can afford to pay for a property each month but do not have the money to buy furniture such as sofas or beds, renting is definitely for you. There are a large number of furnished flats that are available to rent. Some properties even come with white goods, such as kettles and toasters. (View some great residential properties available to let from Marshall Property now.)

No Maintenance or Repair Costs

If you have an issue in your rental property due to wear and tear (such as a burst pipe or leak), you are not liable to pay for it. If you get in touch with your letting agent or landlord and let them know about the issue, it is their responsibility to organise and pay for the maintenance work to be done. If you are a homeowner and this happens, then you are responsible. A broken boiler or plumbing issue can be very urgent and expensive!

Initial Down Payment

Although there are some costs associated when you begin renting a property, such as the deposit and the agency fees, this tends to be the cost of between one and two months rent for that property. Furthermore, provided there are no issues with the property when you move out, you will get all of the deposit back.

If you are looking to buy a house, although the monthly repayments are around the same cost as renting the same kind of property, the one-off deposit payment at the beginning can take years to save for.

Pros of Buying a Property

As we have seen, there are numerous benefits that come with renting properties, particularly for those people who crave flexibility. However, there are still a large number of people who opt to get a mortgage and buy a property, but why?

You Own Something at The End

A mortgage is essentially a very long term, low-interest loan. Each month when you pay your mortgage, you pay off a very small amount of that loan, and eventually, you will have paid the loan off in full and own the house outright, unlike renting.


Although it takes a long time to pay off a mortgage, once it is paid, that house belongs to you. You can opt to sell this house and reinvest in a larger property, or continue to live in the property with no monthly mortgage payments. Having no payments outside of bills and maintenance can give people the security they need to retire or reduce their hours at work, for example. (Or simply enjoy some extra little luxuries in life!)

Ability to Make Changes

Buying a house means you have the freedom to make changes to the property. With planning permission, you can add extensions to your house, make structural changes, and you can, of course, decorate, redecorate and furnish the property exactly the way you want.

When you're renting a property, something as simple as putting a nail in the wall to hang a picture can result in money being taken from your deposit, and if you do want to change the colour of the walls, you have to return them to their original colour before you move out.

Renting or buying a property - which is better?

The answer to this question really depends on who you are and your current situation. If you know that you are going to be moving around and are not ready to settle in one place, then renting might be for you. However, if you know you keep up with mortgage payments like the idea of owning your own home

If long term security is your priority and you are ready to settle in one area for a long period of time then getting a mortgage and buying a house may be more suited.

If you are looking to buy a property or rent a property in Liverpool, then contact us today.