Why increasing amounts of people are opting for house shares
Friday, 10 February 2012 4:00 PM
The effects of the economic downturn of 2008 are still being felt in the property market today.
Banks and mortgage lenders are asking for huge deposits from first-time buyers, which has all but excluded them from the market. This has forced many into renting a home until they can raise the necessary funds to put a deposit on a house.
This has led to increased demand for rental accommodation, which in turn has pushed rents to record levels in some parts of the country.
The result is that some areas - particularly parts of London - are out of reach of those who want to rent a place for themselves in a nice location.
However, London house shares could offer a solution.
As the name suggests, a house share involves you sharing a home with one or more people.
Unless you are adamant that living alone is the way forward, a house share can have several benefits.
Share the rent
London rents are expensive, however, a house share allows you to split the rent and bills between the occupants, meaning that you would pay hundreds of pounds a month on rent and bills rather than thousands.
This obviously depends on various factors, however, generally a house share is a cheaper way to live in London.
Live in a nice place
If you are looking for property to rent in an area such as Notting Hill, Chelsea, Hyde Park or Kensington, you must be prepared to pay top dollar.
These areas are highly desirable and the property prices reflect this.
With a house share, you can split the rent between several people, meaning you can look for a place in a more stylish postcode and secure it for much less than you could were you looking to rent on your own.
In addition, you may be able to afford a bigger place.
Make new friends
A house share is a great way to make new friends, particularly if you are moving to London from a different part of the country.
Some house shares have as many as eight people living there, allowing you to get to know new people and enjoy new experiences with them.
Share chores
Cleaning a house can be a time-consuming and tedious job, however, with one or more housemates, you can split it into different sections and tackle one each, meaning the job will be done much more quickly.
Have your own room
Many London house shares involve you having your own room and then sharing communal spaces such as kitchens and bathrooms.
This gives you an element of privacy when you wish to be alone.
Living alone appeals for a variety of reasons, however, in the current economic climate, it is just not feasible for most people, particularly in London.
However, there are some excellent house share opportunities available and companies such as Residential Land can help you find a room in a great house in a nice location at a price you can afford.
By speaking to experts, you can explain your situation and what sort of living arrangements you want. They will then be able to discuss your options and help you find a solution.
When you look at the benefits, house shares can make a lot of sense.
