Flat-sharing population to hit 3m by 2013
Wednesday, 24 August 2011 11:24 AM
Sharing a rental property used to the domain of students and 20-somethings, but according to new research, the flat-sharing population has grown by 100,000 in the past year alone.
Comparing August 2011 figures with those from August 2010, EasyRoommate.co.uk has found that the number of renters sharing with non-family members has risen from 2,749,000 a year ago to a current figure of 2,851,000.
If numbers continue to increase at this rate, the flat-sharing community will number some three million by April 2013.
The study also found that the average number of people living in a shared house or flat has increased from 3.1 to 3.2 over the past year.
Jonathan Moore, director of EasyRoommate.co.uk, said: “Larger flat-shares are becoming more and more commonplace as the cost of living rises, and having four or five flatmates is not just limited to time spent in student digs.”
The researchers believe that the comparative affordability of sharing as opposed to living alone is the primary reason for this trend, with flat-sharers spending approximately 48 per cent less on their monthly rent.
However, while the difficulty of securing a first-time buyer’s mortgage has been widely cited as the primary reason for the swell in renter numbers, being approved as a tenant is also becoming difficult.
“It’s not even buying a home that is the most immediate concern for thousands of renters – renting alone is becoming an equally distant goal,” said Moore.
“For many, the size of the deposit needed, not to mention the sky-high rents, is prohibitive. Cost-conscious renters are opting to share properties – and split bills – to limit their monthly outgoings.”
He continued, “As homeownership remains the ultimate goal for many renters, thousands of renters are looking to save deposits while they flat-share before buying, and avoid renting alone altogether.”
According to EasyRoommate.co.uk, flat-sharing is saving renters a collective total of £8 billion per year.
The news comes as estate agency Cluttons warns that average rents will have risen by £15 per week by Christmas.
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