That is the question most home-seekers ask themselves eventually – and with the Renters’ Rights Act now in play and the cost of living still biting, the answer feels less obvious than ever. So we put it to two people who navigate it daily: Harvey Cyzer, Head of Sales, and Mark Johnson, Head of Lettings.
The case for buying
London remains one of the world’s most resilient property markets. Exceptional transport, internationally renowned schools and universities, and anrivalled cultural landscape – the city has always been a desirable place to live. Harvey credits London’s super-prime developments for an expanding sales market, offering ‘facilities that finally compare to the major cities around the globe’. Beyond the lifestyle, there’s the security: ‘many purchasers value owning an asset in a city with enduring global demand’.
The case for renting
Head of Lettings Mark, unsurprisingly, vouches for flexibility. Renting sidesteps significant upfront costs – not least Stamp Duty Land Tax – preserving capital and keeping you agile. And with so much of London to explore, why tie yourself to one postcode? Circumstances shift, and a home that was perfect on paper can become a burden. ‘Whether it’s a growing family, a new pet or an international relocation, renting provides the ability to adapt without the practical and legislative hurdles that come with buying and selling,’ he says.
Hybrid working has only accelerated this, with more clients living between cities, even continents. As Mark puts it: ‘for many of our clients, renting isn’t a compromise, it’s a conscious lifestyle decision’.
The catch, either way
Affordability is the sticking point, especially in prime central London. Prices may have softened on average in recent years, but desirability still carries a price tag. And where many international markets benefit from consistency, the UK’s ever-changing regulatory and tax landscape can give buyers pause, even where the changes are positive, Harvey concedes the process now demands ‘greater preparation, compliance and professional guidance’.
Renters aren’t immune either. Demand for high-quality homes often outstrips supply, pushing up prices on both sides of the market and tenants forgo long-term capital appreciation, with rents subject to review as conditions change.
So, who’s buying and who’s renting?
Our clientele is as varied as the city we work in, but patterns emerge. On the sales side, Harvey says the common thread is intention. Whether it’s a family home or a pied-à-terre, ‘buyers are typically motivated by long-term investment or the desire to establish roots in London. Many see property ownership as both a personal milestone and a strategic financial decision.’
Meanwhile, higher mortgage costs – with the base rate at 3.75% at the time of writing – are keeping home-seekers in the rental market for longer. Mark points to ‘diplomats, overseas students and individuals moving to London for work’ as his regulars, and the international pull is real: Elizabeth Walker, Head of Notting Hill Lettings, reports that 90% of her rental applicants in the past month have been American. When relocation hinges on visas and paperwork, renting is sometimes the only option.
The verdict
There isn’t one answer and anyone who tells you otherwise is selling something. What the shifting market has made clear is that our role hasn’t changed. If anything, recent legislation and geopolitical upheaval have cemented what sets OB apart: taking the time to advise clients on compliance, market conditions and how to navigate an increasingly regulated sector.
Buying or renting is about far more than a transaction. It’s one of life’s most significant decisions and it deserves to be made with confidence.
So if you find yourself asking whether to buy or not to buy, come into one of our offices. We’ll help you find your answer.
