With a market that is not forecast to see an imminent significant increase, as many as 10% of homeowners would consider letting their home instead of selling it. Which can offer house owners a considerable number of advantages.
Firstly, the value of a property is, in practical terms, irrelevant, unless you are actually selling it. So renting it out instead means that you simply don’t have to worry about property prices, let alone finding a buyer when they are thin on the ground. Of course, if property values are a concern to you, then renting your home out as a long term strategy will give you the time you need for prices to increase further.
Secondly, you get to keep the investment in which you have no doubt expended time and money, and you don’t have to spend money on the various costs of selling, and especially re-buying. There is also something pretty cool about being a landlord!
Renting is also quicker than selling, so you can immediately realise your short-term plans, and unlike selling, renting is highly reversible should you plans change in the future.
Finally, the way mortgage availability is looking, it might just be worth keeping the mortgage you have, as a new one might be harder to secure, should you wish to buy again in the future.
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