Renters in the private sector probably thought they would be immune from the interest rate rises that have hit mortgage holders but the reverse has proved to be true for many.

Landlords who bought on a buy-to-let mortgage have been passing on the higher interest rates that have afflicted them by raising rents so maybe it’s still a good time for tenants to become buyers and make that extra expense work for them instead of someone else.

And while it’s true that Bank of England Base Rate could still rise, despite encouraging news on the inflation rate falling, it’s also true that mortgage interest rates have already started heading in the other direction.

Maybe you are one of those lucky enough to have had a decent pay rise since the last time you looked at mortgage affordability. If so, it could be time to think again and take a fresh look.

Mortgage lenders have too much cash and are keen to find people to put it into bricks and mortar. At the same time, sellers have become more realistic in their price aspirations and are no longer expecting higher offers than their asking price. Instead they are prepared to look at reasonable offers, an attitude that is spreading across the market and will also help them move on.

So maybe it’s time to kick the rent payments into touch and break out into the world of property ownership. It may be less painful now than higher rents and will have a long-term payback that’s worth taking into account.

Colin Shairp,

Director, Fine and Country Southern Hampshire and Town and Country Southern estate agencies, Drayton.<