I believe from the evidence shown that what the building may well be suffering from problems relating to damp, and (to a far lesser extent but still relevant up top near the road) vibration.
You may well be able to fill in the cracks and repaint, but I believe the rendering is coming away fairly seriously (and is showing clear symptoms of something rather more serious, that being damp). Therefore filling it may only serve temporarily. If you're a tenant or homeowner you will want to consider the options open to yourself accordingly. Without a doubt or too much delay I would get an independant appraisal from a qualified structural surveyor of which your landlord (if applicable) should be willing to make a contribution or pay outright. Incidentally if you have any children or visiting friends have any children with them, I'd probably keep the kids away from any kind of ball games. It does appear that the rendering is coming adrift in relatively large sections and looks like it could fall as a result of any significant impacts against it (reference the lower walls to the property itself, not those away or toward the road/path up top).
If you are a tenant and don't plan on staying there for more than a couple more years then go for the filling option. But do this in a considered manner, because what that will not address is the possibility of sections of render still falling away in future. So I should stress therefore that there will remain a risk to anyone in the area particularly kids.
If you own the property, get the surveyor in (may be a fee of roughly £60 - £120) for an hour or two to asses the extent of the damp, and the nature of the damp ingress. It will be either rising or penetrative, or fairly likely a ratio of both. The fix will I'm afraid be likely quite expensive because remedial work has not only to be carried out on the damp proof course of the property but probably also to the yard and property drainage (which in the case here is likely to run underground). I couldn't give any exact figures at all other than to say you will be looking at four figure sums at least, possibly five figure sums. Hence we need professionals to assess prior to remedial work taking place.
I'm sorry if this comes as any shock and personally I do hope you are just a tenant (because the remedial work won't be your bill to worry about, but you may be asked to pay a small percentage - depends largely upon your contract). If this is your property, your one recourse to saving some money might be if you have not owned to house for so long (less than six months approx) in which case you could fall back to the terms of sale and query the descriptions and legal assessments made when the proprty was valued beforehand. At this point don't waste money on any filler until you have that assessment carried out, or your landlord does. And keep kids away from it etc.
Keep us posted mate.
Just so you know where I'm coming from, I used to be an architectural designer. My father was a Danish architect. My ex-employers were: Mike Pert (F.I.P.D)
http://www.yell.com/listings/DoFindListings/3734672/Michael-R-Pert-F.I.P.D/Architectural-Services
And Robert Lord Associates, Barn 3, Flaxmans Farm, Felbrigg Road, Roughton, Norwich (no web reference)
My name is Jan Mathiesen.