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wsn03

Renting is a lifestyle choice

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Radio 4 this morning, some Chief Exec or whatever of the biggest landlord company in the UK. It's all about a shortage of property etc etc, so they are going to "build to rent".

She said how ever many years ago (sorry I wasn't paying attention) 1 in 10 people rented, now it's 1 in 5 (1 in 4 in London). It's not just because of house prices, it's also a lifestyle choice!

I get that in the early years of career growth some rent as they move around, I did. However, for the majority I think that statement is complete b'llocks. I remember a Director of a very large car manufacturer saying something similar "in the old days we all aspired to own, these days young people aspire to experience rather than own" - you mean everyone gets things on the knock, and in the case of the one asset they'd rather not rent they're priced out anyway.

The pretence that this is what younger people want defies belief. Everyone is trying their hardest to make this bubble plausible.

Edited by wsn03

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It's definitely a lifestyle choice for me. 

The primary reasons being my refusal to 

* sign up my lifetime earnings for something that offers no value

* allow a bank to expand the money supply

* crystalize someone's fake gain so they can go off on a bunch of cruises

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I too "choose" to rent, so I guess you could argue that it is a lifestyle choice for me. But it's not a choice based on loving dealing with landlords, letting agents, poor terms for tenants or the generally knackered state of what's available for rent. I do it because of poor job security in the industry I work in, and the recognition I may need to move location every couple of years or so. Plus the points Frugal Git has listed.

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1 hour ago, wsn03 said:

ntion) 1 in 10 people rented, now it's 1 in 5 (1 in 4 in London). It's not just because of house prices, it's also a lifestyle choice!

I

I very rarely swear at the radio but this morning, I made an exception when I heard that.

Telling that person to fekkoff is my lifestyle choice.

The good side to the story is that they will be building lots of houses to rent.  This could put downward pressure on house prices.  However, another 330 thousand people arriving will make it all pointless.

Oh well, back to dumping everything I can into pension and spending as little as possible so I can stop paying for this stupid system.

 

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Its a lifestyle choice but only because our lifestyle is now based wholly on uncertainty, and the inability to plan for the future. I have no idea if the job I have now will exist in 6 months, never mind 5 years. How can I buy a house living like that? Our new 'gig' economy, based on fast paced, ever changing workplaces means non of us have jobs for life, we need to keep moving around and being adaptable. 

Personally I am now used to the freedom and lack of commitment that renting gives me, but its not my preference.

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59 minutes ago, VeryMeanReversion said:

The good side to the story is that they will be building lots of houses to rent.  This could put downward pressure on house prices.  

 

Not if they are all bought up by foreign "investors" who aren't terribly bothered about whether they have tenants paying rent or not.

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Historically, after the war anyway young people after moving from family home would initially rent, they may have rented first after marriage, but once settled the aspiration was to buy, after being able to save a deposit whilst both working and renting to buy with OWN saved down payment .... after that one or one and a half wages to cover mortgage and family living expenses......no longer for those same or similar people doing same or similar work...;)

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I choose to rent because buying represents such poor value for money...I resent paying such bloated prices and particularly when the price has been deliberately distorted to benefit one sector of the population at my expense.

As already said above...Good point is that a large increase in supply (everything else being equal) will put downward pressure on rents and prices..

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Just more justifying language!!! FGS!! It's a lifestyle choice, the youth today are SO different - we're not worried kids can't buy because they are TOO COOL to BUY a house, they are just so frivolous, decandant, irresponsible, whatever, that NONE OF THIS IS OUR FAULT, of course ;-)

Arrrgh, it still makes my blood boil!!

Whatever happens in a persons youth, there comes a time when they need to be able to CHOOSE to buy a house. And they are still getting a right smack in the face at that point. And we all need to stop working at some point in our lives, who would be choosing to rent then??! How would that work out!!?

The media keep trotting this carp out, but surely after the last decade or two, enough people are sick of it, to start pushing back?? Please let it be so!!

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3 hours ago, Frugal Git said:

It's definitely a lifestyle choice for me. 

The primary reasons being my refusal to 

* sign up my lifetime earnings for something that offers no value

* allow a bank to expand the money supply

* crystalize someone's fake gain so they can go off on a bunch of cruises

But those are not lifestyle reasons.

 

Edited by canbuywontbuy

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22 minutes ago, Notdundespairing said:

Whatever happens in a persons youth, there comes a time when they need to be able to CHOOSE to buy a house. And they are still getting a right smack in the face at that point. And we all need to stop working at some point in our lives, who would be choosing to rent then??! How would that work out!!?

Exactly.  A lifestyle choice is where buying or renting are on a similar kind of level.  Now they are incomparable. 

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2 hours ago, Pieman Pieface said:

Its a lifestyle choice but only because our lifestyle is now based wholly on uncertainty, and the inability to plan for the future. I have no idea if the job I have now will exist in 6 months, never mind 5 years. How can I buy a house living like that? Our new 'gig' economy, based on fast paced, ever changing workplaces means non of us have jobs for life, we need to keep moving around and being adaptable. 

Personally I am now used to the freedom and lack of commitment that renting gives me, but its not my preference.

You, like me, like 99% of us, are a member of the precariat. At least you know you are.  Most members don't know they are.

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4 hours ago, wsn03 said:

It's not just because of house prices, it's also a lifestyle choice!

Renting has been a lifestyle choice for me for many years. It allowed me to change jobs and move cities or countries quickly and easily. I've never stayed in one city for more than 5 years in one stretch. Now I'm older, it would be nice to have to option to buy a house and settle down.. but not at these prices! I'll wait it out.. if there's no correction within 4 years (I've been back in the UK for 1 year).. I'll most likely get itchy feet and move again. 

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I understand the flexibility aspect for some people but what about those who want to buy and cannot buy? Simply labelling it as Lifestyle choice seems like a 'BrainWash-tastic' advertising effort. Is the younger generation being coaxed and cajoled into renting to deal with the over supply?

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I may choose to rent for a period. I don't choose to have my pilot light go out repeatedly and the letting agents disregard my calls. I don't choose to be inspected quarterly. I don't choose to have to grovel so my kids can have a pet. I don't choose to have the house I live in advertised for sale 5 months into a 12 month lease. 

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Typical thoughtless radio fluff.

When I bought my monthly mortgage payment (£650) was less than my monthly rent (£715) and the house cost 5x local average salary.

If you were buying now the mortgage payment (£1900 assuming 25 year repayment mortgage for £370k) would be 50% more than the monthly rent (about £1200) and the house would cost 11x local average salary.

The fact prices have doubled compared to wages is surely the main factor rather than people choosing to rent? I rented happily until I was ready to settle down in one area, but I'd still be renting if prices were like they are now. It isn't a choice if you don't have any other option.

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I've chosen a lifestyle that means I have money in the bank. Ironically I feel much more secure renting with savings than if I had a mortgage of 6x my current income with uncertain times ahead. I don't want to keep renting but I've chosen it through lack of good alternatives.

These interview muppets should try digging a little deeper. Though I'll wager most of them don't give a shit. It's just a job innit. Something to pay the mortgage.

 

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17 hours ago, 200p said:

Coming out to your parents.

Dad.............................................................. I am a RENTER.

the girls will give you the cold shoulder when they learn you aren't a 'home owner'...

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10 minutes ago, Wayward said:

the girls will give you the cold shoulder when they learn you aren't a 'home owner'...

Shouldn't worry the girls are just as likely to own as the men these days.....two owners on the right side of prosperity.....two renters, downhill from hereon, until things change.;)

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On 01/12/2016 at 10:17 AM, buckers said:

I choose to rent - my landlord is a pro, looks after the place, leaves me alone, lets me keep pets, horses, sheep. It's more of a home than any house I've ever owned.

Rent has stayed the same for 10 years.

What's not to like?

Speak to someone who bought in late 70s if you want to know how it could be better.

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32 minutes ago, buckers said:

In the late seventies I was trying to mount schoolgirls and achieve reasonable O levels at the same time.

 

 

I was being born.

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