Should you Rent or Buy in 2022?


Posted on Monday, December 13, 2021

Should you Rent or Buy in 2022?

A new year brings new resolutions and house moving is often at the forefront of people's minds. Moving and re-locating is no simple task; many questions arise and one of the most common questions we get asked at the start of the new year, especially from first time buyers is: “should I rent or buy”?

It is no secret that the housing market has developed significantly over the last 20 years, with choices aplenty thus making the rent vs buy debate much more challenging to answer. Each individual’s financial and social status varies, so there’s certainly no one-size fits all solution. After reading our blog and you are still unsure then please do contact us and chat with our team of professionals, we can then understand your personal situation and goals and advise you on the best course of action.


Those who only planning to stay in a home for a short period of maybe 6-12 months may opt for renting, this gives good flexibility- if things don’t work out for you, you can move somewhere new without the legal costs and stamp duty! This can be the perfect opportunity to try out a new city, lifestyle or even a new relationship before committing to buying a home… they do say it’s better to be safe than sorry!

Another benefit of renting is the fact that you don’t have to worry about routine property maintenance costs as these will be covered by your landlord. Finding a new home to rent is generally quicker, easier and cheaper than buying a property, it can be possible to move into a new rental property within 7-10 days!  When renting you don’t have to pay mortgage fees, legal fees or stamp duty, nor find a minimum deposit generally of at least 5%, so initially there isn’t the large financial layout.

Like most things in life, there are some negatives too. The initial payment will include the first month’s rent and a bond equivalent to 5 weeks rent upfront. When your tenancy expires, your landlord may increase your monthly payment, though you are of course free to leave by giving a month’s notice. One of the biggest negatives to renting is that you are paying monthly to your landlord, rather than towards a mortgage through which you will eventually own the home yourself.

Those that rent sometimes feel their home has a lack of individuality to it as you cannot redecorate without the approval of your landlord. Although not having to pay to maintain your home is a huge financial benefit as you don’t have the worry of an unforeseen expense such as a replacement central heating boiler!

Renting can also prove beneficial towards buying a home as if you are renting and therefore ‘not in a chain’ you may prove more appealing to a vendor who may elect to take your offer as you are in a position to definitely proceed rather than have something to sell.


Buying a home in the UK is a lot of people’s life aspiration- owning a space that reflects you and your family and you fully control can feel very rewarding, the old saying "An Englishman's home is his castle". Once you have paid off your mortgage, you will be the owner of the home! One of the major benefits to buying rather than renting is the stability and security enabling you to be in charge rather than a landlord.

If you choose to buy a property, you have all of the power to transform it as you wish. You can either buy a home that is already perfect for you to move into, or you could buy a property that you would like to put your own individual twist on. By improving your home, you could also add value to it so that if the time ever comes to sell, you could make a profit.

One of the biggest obstacles to overcome when buying a property is saving for the deposit, there are a number of Government backed schemes to help out first time buyers which you should certainly look into as they can be very beneficial, but you still have to be aware of the mortgage fees, legal fees and the pesky stamp duty too!!.

You also need to be aware the value of your home can rise but it can also fall and if the value of your home decreases below the mortgage value, you will be in negative equity and will find it harder to move or re-mortgage.

If any repairs need doing, you will be in charge of finding a specialist and paying for the costs too, but it will be 100% your choice.

So which option is better? As we said in the beginning, unfortunately there isn’t a straight-forward answer. However, looking at your budget and your financial status and personal circumstances is usually the best way to determine between renting or buying. With most lenders requiring a 10% deposit (sometimes 5% for first time buyers), it can take a long time to save up and is certainly not a quick journey, especially given the legal process including searches, surveys, bank valuations can take 3 or 4 months!!

Why not ask yourself, “where do I see myself in two years time”? If you see yourself travelling or moving around a lot, buying is probably not the safest option just yet. On the other hand, if you see yourself staying in the same city with the same job and regular income, buying could be for you.

Here at FSS we cove the full property spectrum and can advise professionally on Buying and Renting. Please do come and talk to us, our door is always open and we would love to support and help you at this very special, exciting time of your lives!

FSS, 8 Raglan St, Harrogate HG1 1LE