A recent article by Mark Clement at DIY Life has offered some advice on power tools that should be bought and those that should be hired.
Top of the list to buy is the Cordless Drill/Hammer Drill – which, as Mark says is a ’versatile drill…..eliminates the need for multiple tools, so it’s a must-have.’ He also recommends the purchase of a 7 1/4 inch Circular Saw, a portable Table Saw, a Mitre Saw and a Compressor and Finish Nailer.
As for tools you should hire, this really depends on how often you will need to use them. These are some that would probably be more cost effective to hire – a Reciprocating Saw, Flooring Nailer, Laser Level, Roofing Nailer and Concrete Tools.
Most importantly when you are considering renting tools, is to work out how long the project you need the tool for will take, so you can calculate how long to hire it for. If you don’t work this out beforehand and you need to keep hiring, it may end up costing you more than buying the equipment in the first place!

A sound bit of advice from Friends of the Earth here:
“Share tools and DIY equipment with your neighbours, friends or family. Does every house in your street need a £70 lawnmower, a folding workbench for £30, and a steam cleaner at £100?”
Found it on The Tool Exchange website which seems a good solution for keeping the cost of tools and equipment down in itself – if a little under used.