UK tenants are sharing to counter soaring costs
Half of tenants surveyed in a recent spareroom.co.uk poll have returned to rental property after previously renting alone or with a partner, suggesting that renting alone is no longer a realistic option for many. The research also discovered that the number of older people sharing is on the increase with those aged between 45 and 54 and sharing accommodation also up by around 50%.
Given that the total number of new people looking for flatshares has risen by 31% since 2011, it seems that more UK citizens than ever before are returning to accommodation sharing in a bid to save cash. The average age of a UK person in a flatshare is now 26.9, up from 25.8 in 2005. And in London, the average is even higher.
Significant savings can be made by renting a room in shared accommodation. Renting a one-bed flat in London costs an average of £19,633 per year including bills. A room in a house share including bills costs in most cases less than £8,000. Quite a saving!
The standard of rented accommodation keeps rising as more people enter the market whilst others tend to stay in shared accommodation for a longer. All the more reason to join us here at The House Crowd where we offer an arms-length, high-interest property investment fund.