BUY OR RENT IN WEST SUSSEX?
The UK is a funny old place, certainly in the view of many Europeans for whom the idea of getting a mortgage seems ridiculous.In their view a home is a place to live, not an investment opportunity.The British economy has always been driven by the housing market, although some say it doesn’t so much drive as reflect the state of the economy.
Whatever position you take, you have to admit that the European view of bricks and mortar not being the best place to invest your cash right now does seem to be persuasive. The average house price in the first quarter of 2009 in the South East, including West Sussex, was £202,952.00 compared with £254,070 00 for the same period last year.It seems to be the same picture nation-wide.
According to figures from the Royal Institution of Chartered Surveyors (RICS), while 6% of estate agents across the UK said that property values had risen in May, over 42% said they fell!It’s not uncommon for there to be months of rising prices when house prices are still trending down and it’s predicted that house prices will fall by a further 10% in real terms to hit their low point around mid-2010.
In such a confusing and uncertain environment, if you’re looking for property in West Sussex, should you buy or rent and ride out the storm?A great deal will depend on the other factor: whether you can secure mortgage finance. In the credit crunch, buyers must set aside substantial sums to put behind their purchase as a deposit, often due to the reluctance of increasingly risk-averse lenders to advance more than 70% LTV. And unless your credit file is pristine, there’s no way you’ll get a mortgage from the High Street lenders, for the next couple of years at least.
That’s why more people are looking to rent a property in West Sussex, even if only for the short term until the market and availability of cheap mortgage finance buoys up again.There are many advantages to renting.There seems to be more rental stock available, especially in Worthing, Goring, Findon and Lancing.Monthly rentals, even for larger properties are not much more than the equivalent mortgage would be (if you could get one!) and many are already equipped with bathrooms and kitchens that are top of the range – so no need to spend an extra £10 – £12, 000.00 over and above the actual purchase price on getting your own dream kitchen and bathroom.Maintenance is someone else’s responsibility and that sum you have left over from the sale of your property that ordinarily would have been the deposit on another purchase can sit in a (relatively) high interest account or in ISAs earning more that it would invested in a house.
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OLD WEST DELUXE TOOLED FAST DRAW REAL LEATHER HOLSTER $119.00 |
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