@OohYeBelter47
The downside of renting is that you will still be paying your rent in the retirement years.
Why? Most people in their retirement years would have their rent paid by housing benefit when they retire.
Home owners mostly won't be paying anything, that is why I would buy if I could.
Many people will still be paying their mortgage into their pensionable years, and even when they stop (when the house is paid for,) they will still be forking out mega £££ for repairs and maintenance. Don't need to do that when you rent.
Private rent sucks, but if you rent from a social housing landlord that is decent, it trumps buying IMO. Buying was better many years ago, but there aren't many advantages to it now tbh.
I know quite a number of people who have bought a property during the last 10-12 years/have a (large) mortgage; they never have any money, they are always in debt, and the house always needs money spending on it.
Conversely, I know quite a number of people who rent from a housing association or the council, their rent is £300 to £400 a month, all repairs and maintenance is covered, and they all live in quite decent areas. 2 of them live in little cul de sacs, and have a driveway and a garage. Some of them have new cars, 2 holidays abroad every year, and new furniture, new tv, new laptops etc, carpets, every 3-5 years, and new clothes every time I see them. Much more surplus income than people who are buying, and no worries about having to fork out a 5 figure sum if the roof needs replacing.
Most of the people I know who have bought in the last decade/decade and a half, haven't spent a penny on themselves, updated the car, or had a holiday abroad since they bought their house/got their (large) mortgage.
I honestly don't know a soul who has bought a house this past 10-12 years who has loads of surplus income. The house (mortgage/insurances/maintenance/repairs etc,) tends to take all their money.
On a slightly different tangent, I do laugh when I see someone say they are 'subsidising social housing with their taxes.' I can't believe people are that clueless, and so badly educated that they actually think that!!!