Office 365 Home Premium: Microsoft wants you to rent Office for £7.99 a month

Microsoft is hoping to change the way we use software with the launch of Office 365 Home Premium, a consumer version of its software rental service for businesses.

Aimed at those who don't want to pay up-front for the software they use, Microsoft will offer the latest version of Office for PC users, Office 2013, for £79.99 a year, or £7.99 a month on a recurring subscription.

Those who sign up for the service, rather than opt to pay £299 for the software outright, will get a number of benefits to entice them to stay once their initial contract is up.

READ: What's new in Microsoft Office 2013?

That includes 20GB of SkyDrive storage a month, 60 minutes of international Skype calling credit and the ability to use it on five devices including the PC, a Mac (Office 2011), tablets such as the company's Surface and phones.

Microsoft has told Pocket-lint that Office 365 customers will also get access to the company's streaming offering that lets you run full versions of Office on someone else's desktop within a couple of minutes if you've got internet access.

The new push, which Microsoft expects to become the main way people use the Office products in the future, kicks off the launch of Microsoft's latest software: Office 2013.

READ: Hands-on: Microsoft Office 2013 review

The new update to the popular office suite adds several new features to all the key packages, including Outlook, Word and Excel.

Users will get new features such as better support for reading documents on a tablet in Word to being able to reply inline on a message in Outlook.

Further jumping on the apps bandwagon that continues to fascinate the world, Microsoft will also offer Apps for Office and has encouraged companies including Twitter, LinkedIn and Hertz to create bolt-on services for you to use in the Office suite.

The new Office 365 Home Premium service is now live. Those not looking to subscribe can get a physical copy of the app from £109. You can get either from the Microsoft online store and other retailers.