The benefits of renting

Buying versus renting

For many the choice between buying a home or renting is a financial decision, especially given the rise of property prices in the capital.

However, it is vital to remember there are advantages to renting and could make more sense for many - especially in the short term.

Mark Hayward, chairman of the National Federation of Property Professionals (NFOPP), believes renting can allow people to move out of their parental home even if they don’t have enough more for a deposit.

However, he did warn that the cost of renting has risen in recent years because of the strong demand from those that can not afford to buy and a shortage of homes in general.

"Against renting, is that we are seeing unprecedented demand in the private rented sector and therefore we are seeing rents rise. If you are paying a premium rent then it is very difficult to start saving for a deposit for a home, which is just compounded by the fact that you are having to provide a much larger deposit to get on the housing ladder. There are pros and cons," added Mr Hayward.

According to recent figures from Hometrak, the average rental price in London now stands at £665.87 a week.