If everyone in the UK simply rented

Kavanne

I like owning my home too.. I am 20 and hope to be mortgage free by 40. Hope to only have to move once and that's if we choose to have babies (maybe, maybe not). Wouldn't have the option to be 'rent free' if i rented the property for 20 yrs, would I?

Can't offset my rent either!

lawrie28

nice idea, but would you pay for a new kitchen in a rented house?? thought not. So you wouldn't be doing DIY, and there would be less people in the building trades etc, cos lanlords would only do essential work. Come to think about it, unless you could take it with you, most people wouldn't buy anything. would mean a massive impact on the economy, less jobs etc etc.
Why build conservatories, why borrow cash to extend, why replace carpets? WHy bother building interesting layouts, build cheaps boxes, cos it's only landlords who buy em, and we need the houses to live in. Oooh, and like the OP said, renting till you die? that would put pressure on the pension systems, which wouldn;t be able to benefit from property increases to increase the value of the portfolio. No estate agents, (not a bad thing) only letting agents. endless problems with deposits, and all kinds of fun with health and safety. Neighbours swapping every sixth months, less care about the street people live in, cos it ain't mine, dont care..... Would not help at all. It's a bit like the communism idea, and we all know the Pigs nearly came out on top there..........

pinkshoes

mpsavuk wrote: »

Then we would all be far, far better off. Imagine having:

No stupid property market that wrecks the economy and peoples lives when it all goes wrong

Renting off corporations or Businesses that own the propertys - let them worry about buying and selling. The values would rise over time.

Protected rents by Law - Can only rise at the rate of inflation

Protected Tenancies - Fair contract to both parties.

Paying say £500pm to rent a nice 3 bed place instead of being a £1000pm + two job, mortgage debt slaves, loads more money in our pockets. We could save up for things we want instead of maxing out on credit cars, personal loans etc. We would all have saved up decent pensions when the time comes as well.

Able to make any alteration to rented house by law - So the home improvement market would still thrive

Able to keep pets by law - nice for the kiddy winks

No estate agents - Licenced rental agents only.

More mobility - No worries about having to sell the house when you want to move jobs/areas.

I could go on!

:rotfl:

Ohh, and all the houses would no doubt have to be owned by the government, we could rebuild them all so they're all the same, and then everyone would earn the same wage, and no one would be allowed more than 2 children, and we could all dress the same so no one stands out from anyone else, and everyone could drive the same car, which they fill with their petrol allowance, and then the government owned supermarkets could hand out boxes of food containing exactly the same stuff, rather than anyone having to go pick things off a shelf or choose.

Ohhh, they could even issue everyone with a "how to run your household" guide, so everyone cooks the same meals with the same amount of calories, so no one gets fat. And at 8pm, everyone can turn on their 1 governmental run TV channel, to do a keep fit video with Richard and Judy...

:rotfl: Yes, we would all be SO much better off!!

:rolleyes: x lots

BACKFRMTHEEDGE

123oleary wrote: »

be a mortgage slave - when your in your fifties or maybe sixties nothing more to pay.
or just rent and watch your payments rise with inflation every year and still be paying till the day you die.
prices crashing ? who cares, get on the ladder treat a house as some where to live rather than an investment , and long term you will be quids in

Well said :T I don't care what my house is worth.It's somewhere I can live rent free in my old age. It's not an investment, it's my home.;)

mitchaa

1 great flaw in your idea

You normally pay a mortgage over a 25 year term of which afterwards the property is yours. No more payments.

Rental (18-78ish) How do you afford the rental come retirement age?

Inheritance also.

redrabbit29

pardal51 wrote: »

I do not uderstand why people are so desperate to get in to the "property ladder". This is one of the reasons why the market is so inflated. I cannot understand how people buy "shoe-box" flats in Greater London for £200K+

Just rent and save as much as you can. When the market stabilises you (including me) will be able to afford something. In the mean time, enjoy a bit of life and don't be a "mortgage slave". :beer:

Will it stabalise though?

I have £3000 saved up so far. A house in this area costs about £160K+. Luckily I'm only paying £750 a month in rent which is split between me and my GF.

When I have, say, £10'000 saved up, that house in the area could have risen to say £200K. So relatively, I'd still be in exactly the same position.

Right?

Felicity

Markyt wrote: »

Who would people rent the houses from?

I am with you. If we all rented then who do we rent the houses from????

So called 'Greedy BTL landlords', or 'The State'??

Would like to know what the solution is.

phil_b_2

very much a flawed master-plan methinks. £500 for a nice 3-bed place??? tell me where??? The rental market would soar pushing prices way up.

I've rented for long enough, and it sucks, plain and simple! I just dont feel settled and cant see how I ever could drifting around renting.

mortgages around my parts are on par with rental amounts. If you overpay (and you will, you will have something to work toward) you can be mortgage free. I wouldnt look forward to paying non-stop rent until I hit my death bed.

Owning is the best way to go, even now.

wymondham

Interesting idea, but rent is for eternity - a mortgage gets paid off. I know I could not afford to rent on my pension provisions...

seven-day-weekend

We would not have been able to a) move to Spain on early retirement if we had just rented and b) be able to pay the rent on our retirement income.

We have a house in both countries and no mortgage/rent to pay on either of them.

Either of them can be released for hard cash at any time.

Buying a house (especially after it has been paid for) gives you more choice in later years.