With property developers going under faster than the Titanic, banks calling in bad debts and mortgage providers asking for higher deposits, many in the property sector are feeling the pinch of the recession.
However, one of the success stories to emerge from a gloomy recession is the tale of the Private Landlord.
Whether in the form of homeowners looking to rent out their own home or investors looking to property with a solid return, the positives of becoming a landlord certainly outweigh the negatives.
With stringent credit checks for new tenants now considered an industry standard and insurers offering such perks as ‘rent guarantee’, these factors point towards property as being a safer investment for anyone considering placing their money in bricks and mortar.
Critics argue that such a large investment like property carries a risk of being vacant and therefore not creating any income.
However, with more and more people struggling to get mortgages each week and house prices showing no signs of falling drastically, there seems to be an endless supply pool of people looking towards rented accommodation as a credible form of medium to long term residency.
As the saying goes, “an Englishman’s home is his castle” adding to the virtue that a sign for a successful individual is to own his own home. Conversely, on the continent they share a much more relaxed view of home ownership with a large percentage of the population permanently renting and taking advantage of the perks associated with such a flexible lifestyle.
Many Europeans will go through life having never owned their own home and quite comfortable with that fact – not considering themselves any type of under achiever or less successful than their neighbour who owns their own home.
The culture in the UK has recently shift towards the European view of home ownership and the comfort found in not having to own their own home and the related stresses and strains with such a decision.
The recent trend shows that less and less people are deciding to purchase a home and are adjusting to a more mobile lifestyle where they can if they wish live in a different property every six months.
Like it or loathe it, the simple fact is that house prices have constantly risen over time and therefore represents a reasonably safe investment for anyone with a surplus of cash as opposed to any other form of investment medium.
As time progresses, the price of houses increases. So most of us could really not afford to buy our own house.