Renters Turning To Flatshares To Save Money

Flat and house share website Spareroom.co.uk has recently conducted a survey of its members, finding that more than half (51%) had returned to flat and house shares after renting alone or with a partner. The number of sharers aged 35 and over had increased by 25% since the previous year, with the number of sharers aged 45 to 54 up 50%.

Since 2011, the number of people looking for flatshares has risen by 31%. The average age of a UK flatsharer has crept up to 26.9 years, from 25.8 in 2005. Spareroom puts their findings down to the financial savings that can be made by renting a room in shared accommodation, as opposed to the whole property.

The average cost of renting a room in the UK for a year with bills included is £6,079. This is less than half the average cost of the average one-bed flat (including bills), which is £12,669 – a difference of £6,590 a year.

Matt Hutchinson, director of SpareRoom, said, “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.”

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