Why Rent When You Can Buy?

With rental prices continuing to rise – now might be the time to consider buying a new home.


According to Rightmove the number of people enquiring about rental properties is up by 7%. Consequently, the average rental price has increased to 9.7% since 2022. Now is a good time to think of buying your first home and moving away from renting.

The worlds of both renting and home ownership can seem like minefields – so let’s break it down…


More and more people are opting to buy new-build homes instead of renting, and with good reason too. Buyers of new homes experience none of the hassle that often occurs when renting. Beyond the prospect of the hunt for a rental home in your budget, there are plenty of reasons why it’s a good idea to buy.

To get there, we’ll first look at some of the downfalls of renting to keep in mind.


Cons of renting


Most of us have rented at some point in our lives and know the pain of contracts, moving, and countless deposits.

Not only do you have to move more often – meaning it’s harder to call an area “home” – but it’s harder to make each rental property feel like home, too. Most landlords don’t allow for any permanent decorative changes. And furry friends aren’t usually allowed, either!

Possibly one of the biggest downfalls of renting is that it can often feel like “throwing money away”; in reality, rental money is thrown into a landlord’s pocket, and used to pay their own mortgage. Further still, the landlord usually benefits from long-term house price growth — but the renter does not.

It’s also important to remember that many homeowners can be mortgage-free by the time they retire. Conversely, you may still be paying rent into retirement if you don’t find (or grab!) the opportunity to buy.


Pros of buying


When you buy a home, it’s yours — and all you need to do is pay a monthly mortgage. Depending on the price of the home you buy, these monthly payments are quite often less than or equal to the rental payments you might be used to.

At the same time, you can feel confident knowing that you’re building up equity in your home as you pay down your mortgage. You’ll be the person with the opportunity to benefit from rising house prices over time, particularly if you carry out any works to improve the property.

That final point is one of the biggest draws of home ownership — having the freedom to change what you like about the way it looks. This gives you a sense of control over your living space, allowing you to make it work for you.



Buying costs weigh up well


As an example, let’s compare the current average monthly costs of renting vs. buying a property worth £435,000 (an average family home).

If you had a 25% deposit (£108,750) and a 5-year fixed mortgage term, you could be paying around £150 less per month than if you were renting it.

Even buying with a higher loan-to-value ratio (with a lower deposit of, say, 15-10%), your monthly spend could still be only slightly higher than renting. By our estimation, if you put down a 10% deposit on the £435,000 property and had a 5-year fixed rate of 4.53%, you could be paying only £267 per month more than renting.

And this is, of course, looking at a pricier home — first-time buyers are often looking for much lower-cost properties. You can use online mortgage calculators to get an idea of your monthly outlay for a property within your budget.

N.B. – mortgage products are subject to individual status and your home may be repossessed if you do not keep up the payments on your mortgage.


Buying a new-build


One of the best ways to get out of a rental cycle is buying a new-build home. At Woodgate, we have a range of new-build homes available to suit a variety of budgets — from first-time buyers to families looking to upsize.

Aside from the monthly costs generally being around the same or less than renting, we wanted to look at some of the reasons why buying a new-build home is a great investment.




1. Blank canvas


No matter the age of the property, moving into a new-to-you rental often involves a lot of cleaning (and sometimes even removal of the last tenants’ leftover items!). On the other hand, when you buy a new-build home, you can simply unpack and go.

New-build homes provide you with a blank canvas to splash your personality onto. It’s a space for you to make entirely your own, and you can feel free to decorate in your style without working around many years of other people’s choices.

A new home requires much less maintenance than an older home (which, if you’re renting, you often have to leave up to the landlord!). As such, you benefit from more time to do the things you love.

But don’t be mistaken – a blank canvas doesn’t mean no character.

Here at Woodgate, all of our homes – from our 1 bed apartments to our brand new villas – are packed with character, high-quality materials, and are influenced by contemporary and traditional designs.


2. Modern living with high specification


It’s not just the bones of the house that are new – but the appliances, too. No more leaking taps and boilers, and disputes with estate agents about who should foot the bill for repairs.

With new-builds, you’ll get the latest, top-spec tech in your home, which not only means more energy efficiency, but more convenience, too.

Well-designed new builds are homes that work for you, rather than the other way round!

They’re also often built to suit a modern lifestyle, with open plan, multi-functional spaces. If you work from home – as so many of us now do – Woodgate’s Home Hubs offer a unique approach to the home office — something that’s often not even a possibility while renting.

Available as an additional garden building, our work-from-home hubs are self-contained, fully-insulated, and available in two sizes to suit your needs.


3. Reduced energy bills


At Woodgate, every home benefits from superior insulation, ventilation, heating systems and low energy lighting:



What your energy savings could look like in your new home at Woodgate*


Buying a new home at Woodgate could help to ease the impact of rising energy prices. Each Woodgate home is 4 times more energy efficient than a 1970s house & 7 times more energy efficient than a Victorian home. Find out more about the sustainable homes at Woodgate here.


What our customers say:


“The team at Thakeham were fabulous throughout and we’ve already recommended Woodgate to lots of our friends. We both feel very grateful that we’d worked so hard to be able to buy our first home together in such a gorgeous location and with lovely people surrounding us.”

– Sophie and Jonathan


“We’ve ended up spending the same on a mortgage that we were spending on rent, but now our money’s going towards a home of our own.”

– Dan and Rachel, who were renting in South Croydon while saving a deposit for their first home.


“It felt so out of reach for so long, but now it’s our pride and joy. We finally got here and now we can relax.”

– Karis and George, who bought their first home at Woodgate



4. Peace of mind


What you really need when buying your first home is peace of mind. 

While all of the above gives you reassurance, what provides the ultimate peace of mind is the fact that our new build homes are covered by a 10-year NHBC Buildmark Warranty.

This protects you in the unlikely event of a structural defect – an assurance that simply isn’t available with older houses or rental properties.

At Woodgate our Customer Care team are on hand to assist, should you need them in the first two years of occupation.


5. Using a Lifetime ISA to buy your first home


If you’re looking to leave the rental market in the future, it’s a good idea to think about opening a Lifetime ISA. Currently, if you are over 18, you can open a Lifetime ISA and put in £4000 a year. In turn, the Government will add a 25% bonus to your savings – up to a maximum of £1000 a year.

When you’ve built up enough for a deposit, you can withdraw money to buy your first home. If you’re moving with a partner, the both of you can have an account and withdraw the funds for this purchase.

Find out more about Lifetime ISAs on the government website here.



Our new build homes


Here at Woodgate, we take pride in giving Pease Pottage residents more than a house – but a convenient, welcoming, and sustainable place to call home.

Our new build homes are bursting with character and fitted out with only the best white goods and technology. Each of them comes with the 10-year NHBC Buildmark Warranty expected of quality homebuilders.


Meet the Villas


We’re not the kind to choose ‘typical’ when it comes to our developments. 

Our latest builds – the Villas on the Green – are packed with Edwardian and Nordic charm. Elevated terraces, unique upside-down living, and views of the Village Green make these homes ideal for entertaining and family life alike. 


Discover more about the Villas here and get in touch for a no-obligation chat with our friendly team!





*Comparison energy savings include heating, hot water and lighting. Savings are calculated using Construction Specification Standards for 1970’s dwellings taken from SAP Appendix S age bands and averaged across Age Band E (1967 – 1975) & Age Band F (1976 – 1983). Does not include standing charges. Approx +£250/yr. Based on energy prices at £3/therm.