Renting 'offers more flexibility than buying'

This article was brought to you by Rentman the premium property management system.

Costs such as stamp duty and solicitors' fees have made it cheaper for many people to rent, rather than looking to buy their own home, an industry expert has claimed.

Recently, Professor Steve Wilcox of the University of York produced a report that found many young people would be better off continuing to rent, rather than trying to get onto the property ladder themselves.

Malcolm Harrison, a spokesperson for Arla, responded to the research by saying that it was difficult to accurately track the difference in costs between renting and buying.

However, he added: "Buying can be more expensive than renting, particularly when you start taking into account transaction costs - things like stamp duties and solicitors costs.

"Then you've got to furnish it and then maintain the property. And so that has always had an effect as well. Itis more than likely that over the years, renting has been the cheaper and more flexible option for many people."

Mr Harrison explained that even some people who maybe could afford to buy their own home have opted to rent because it offers them flexibility and the opportunity to live in a "good quality" property.

Find out more about letting agency software.