To rent or buy in SK4: we look at the pros and cons


Danny Kyles, senior manager at Philip James Wilson, talks us through the pros and cons of renting or buying within the SK4 region of Manchester

We’re incredibly lucky in The Heatons to have such wonderful housing stock, across a large postcode area, with plenty of choice whether you’re renting or buying. SK4 has always been popular, but in recent years the demand has really gone off the scale for our fabulous little corner of Stockport.

We speak to many clients who are looking to move to the area, but aren’t sure whether they want to purchase a property straight away or whether they should rent a house or apartment.

However, house prices have increased so much in recent years that many young people don’t have a choice but to rent their home. Wanting to buy a property is actually a very British thing to do, especially compared to Europe where many people live in long-term rentals or don’t buy a property until they’re a lot older.

Could renting be the way to go in the long-term for many people? Should there be less emphasis on getting on the property ladder? There really are many pros and cons to both renting and buying property – and we get many clients asking us to chat through them before they start viewing properties.

As award-winning property experts, who have sold more than £280m of property over the last year, and manage £410m worth of rental properties, our team are always happy to spend a little bit of extra time with clients to look at their individual situation and chat through their options.

Indeed, they say that moving house is one of the most stressful things you will ever undertake, and the decision to rent or buy can also be very stressful for anyone looking for a new home.

Good Financial Investment

One of the main pros for buying a property is that historically it can be a very good financial investment. Of course, we can never guarantee any financial returns because the property market can go down, as well as up.

However, it’s important to remember that by paying off a mortgage you are creating equity within the property, which over time, will enable you to move to a larger house (and again and again, if you wish!).

When you agree your monthly payment with your lender, unless you re-mortgage at any time, that monthly payment remains exactly the same for the length of your mortgage. This is an enormous advantage financially, compared to renting a property, where the monthly rent will increase regularly to keep up with inflation and market prices. In 25 years, your monthly mortgage payment will seem like pennies.

Stable, Permanent Home

Another really good reason to buy a property is to create a stable permanent home for you, especially if you have children. Many people enjoy the peace of mind of knowing the home you live in will always be yours. Being able to re-decorate and renovate is also really important to many people who have strong ideas about the type of house and decoration they want.

Of course, there are also the downsides to buying, which to many people can be the pros to renting. When you own your property you are entirely responsible for all the upkeep and maintenance, compared to renting where the landlord is responsible for paying for all the upkeep, repairs and maintenance.

In fact, the on-going maintenance can be a real concern for people weighing up the options on becoming homeowners, especially young people. Replacing fences after a storm has torn them down (very topical right now!), getting an annual service for a boiler, paying for building insurance or buying a new washing machine if one suddenly breaks. The list can feel quite endless at times!

The financial cost of purchasing a property and getting a mortgage can really put many people off. Finding a deposit, paying for a solicitor, stamp duty and mortgage fees all really add up and can prevent a lot of people, especially youngsters, from getting on the property ladder. And of course, then you have to furnish the property, or at least have somewhere to sleep and sit!


So, having said all that, it’s easy to see why many people decide that renting is for them. We speak to many people who really want flexibility when it comes to where they live.

Many people simply do not want to be tied down to one property with a mortgage – and it’s easy to see why. They could accept a job in another city, decide to move abroad for some warmer weather (we’ve all thought about it!), or simply just try out living in a new area.

We speak to many clients who are new to Manchester and aren’t sure where they want to live. In this case, we can advise them to take a six month lease, and then they  are not tied down if they decide they want to move to another area.

This is often the case for new relationships – or even housemates. It’s always comforting knowing that you can move if a relationship doesn’t work out, or if you don’t get along with certain housemates. Short-term leases can be really beneficial for many reasons!

Save up a deposit

And of course, many people are currently renting with the intention of buying because they are saving up their deposit for a house. And all of those flexible reasons apply to them as well while they are saving up for a deposit.

However, one of the downsides of renting that many people struggle with is not being able to personalise their home or change the fixtures and fittings. There are some landlords who are quite flexible in terms of décor, but the majority of them stick to very plain neutral décor because it’s easy to maintain and provides a blank canvas for any tenants.

Some people worry that renting in the long-term offers no security because if their landlord decided to sell-up they would have to find somewhere else to live. This can be a stress for some people but in reality it doesn’t happen very often.

And don’t forget that renting comes with its own financial requirements – a month’s rent upfront and a deposit can be really difficult for many people, especially if they’ve just graduated. However, it’s still far less than a deposit on buying a property!

So as you can see, there really are many pros and cons when you’re deciding which property path is right for you. But please do drop in and have a chat to one of our team, or even our in-house mortgage adviser for some financial advice on buying.


Call: 0161 431 5556

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