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Soaring living costs mean UK renters return to sharing

September 5th, 2013

Renting alone is no longer an affordable option for many people – according to new research from Spareroom.co.uk.

A recent survey of the site’s users found that more than (51%) of those previously renting alone or with a partner had returned to flat and house shares due to high living costs. The average cost to rent a one-bedroom flat (including bills) across the UK is £12,669 per year.

The research also found that the number of sharers aged 35 or over had risen by 255 over the past year. The number of sharers aged between 45 and 54 was also up by half.

The number of new people looking for flat shares has risen by 31% since 2011, as more and more renters attempt to save their cash by renting just a room than the whole property.

The average age of a UK flat sharer is now believed to be 26.9-years-old, up from 25.8-years-old in 2005. In the capital, this figure is slightly higher at 27.2-years-old.

Matt Hutchinson, director of Spare Room, 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.

If you are currently renting, then get a competitive quote on tenant’s contents insurance from Discount Landlord.

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