UK renters return to sharing to counter soaring living costs

New research from flat and house-share website Spareroom.co.uk has found that renting along is no longer an affordable option for many people.

A survey of the site’s users found that more than half (51%) had returned to flat and house shares after renting alone or with a partner. The research also found that the number of sharers aged over 35 had risen by 25% over the past year and the number sharers aged between 45 and 54 was up by half.

With the amount of new people looking for flatshares having risen by 31% since 2011, the findings suggest more renters than ever are returning to flatshares in a bid to save cash.

The average age of a UK flatsharer is now 26.9-years-old but, up from 25.8-years-old in 2005. In London the average age of a flatsharer is 27.2, up from 26.6 in 2005.
Spareroom says that huge financial savings can be made by renting a room in shared accommodation, rather than a whole property.

Across the UK, the average cost to rent a one-bedroom flat (including bills) is £12,669 per year, while the cost of renting a room with bills included is just £6,079 – a saving of £6,590 per year.

Inevitably bigger savings can be made in London. Renting a one-bedroom flat costs an average of £19,633 per year, including bills, while a room in a flat or house share including bills costs £7,767, meaning sharers save £11,866.

Matt Hutchinson, director of SpareRoom, said: “While flat and house sharing is embraced by most young people as an affordable way to live, some prefer to make the leap to renting a whole property before they finally look to buy.

“That’s understandable but, for most, staying in shared accommodation would allow them to save for a deposit far more quickly, helping them achieve their ultimate goal – owning their own property – much sooner.

“The standard of flatshares is improving fast as landlords realise demand for quality shared accommodation is on the rise. The idea that, by flatsharing, homeownership could be within reach will be incentive enough for many to stay in shared accommodation for a bit longer.”