The pros and cons of renting

Pros

When something goes wrong with the property it doesn't cost you anything to get it fixed
At a time when it is looking like we've reached the peak of the present housing boom, you can hedge your bets on where the market is going by renting
You are immune to negative equity
Renting a property is cheaper than paying the interest on a mortgage at todays prices
You are unaffected by increases in the base rate for the duration of your rental agreement
You can turn on a sixpence when it is time to re-enter the housing market
Rent is generally cheaper than an interest only mortgage on a similar property
You avoid taking on someone else's debt by not buying their MEWed up property
Buldings insurance is covered by the landlord
High service charges on flats are paid by the landlord
If you have to move due to work commitments then it's easier to give notice on a rental property than to sell a property

You can't alter the house and/or garden without the landlord/lady approval. (decoration, etc)
Can't save on energy bills by making the house more energy efficient (cavity wall insulation, loft insulation etc..)
You don't own the house at the end of payments
You have to find another place to live when you are given notice by your landlord
You may not be allowed pets in a rented property
You will not benefit if there is any appreciation in property value