It’s a fact people in the UK are taking to the benefits of house-sharing more than ever before. A fluctuating property market, problems getting onto the housing ladder, professionals working in a town or city close to their work, divorce, working away from home, the need to downsize and change lifestyle and even a cheaper retirement are a just a few of the numerous reasons. And with this, gone are the days when sharing meant penniless students, unscrupulous landlords, sub standard living conditions and un-paid bills.
Now, house-sharing is a trending, simple and low cost alternative to a mortgage or much higher rents, with individuals living in comfortable surroundings with first class modern day amenities close by in many cases. Why is it low cost? Well here are a few pointers:
- By 2025, it’s estimated the average UK home will be valued at £419,000.
- Sharing can cut household bills dramatically.
- A recent survey of Spareroom users revealed 58% said, while the financial benefit is the most important factor, they choose to live in a flat-share for both financial and social reasons.
- Specialist websites now bring people together making the process of renting, letting out and sharing much easier than before.
- Sharers have an average budget of £531 pcm to spend on rent – single occupants spend £548 pcm on average.
So What Are The Benefits?
Sharing is generally cheaper than renting a property, and remember, if you live in a house with just one bedroom you still need a bathroom, kitchen and living room. The good thing is by effectively sharing and splitting the cost of these extra rooms, it’s possible to reside in both a better property and area than you could afford otherwise. Younger people often find it better to reside with peers so they can share household duties and responsibilities. People from their thirties to their fifties in particular are finding property sharing to be an all-round positive experience – and many of those are males.
Why should I invest in house-sharing properties?
From the modern landlord’s prospective this is rapidly becoming a lucrative market when done correctly. Given the millions of people now following the trend, it’s been necessary to both build and convert properties.
Because of this changing market, many developers now build and convert existing buildings, with the aim of creating flats or houses to be shared. In fact, there’s been a sharp all round rise in the number of landlords who buy properties to let out to multiple tenants. And the reason is clear – it’s much more lucrative for them to do so. Some of the most profitable projects have involved changing old industrial or institutional properties into shared flats. This both keeps the character of the building intact and uses it to meet the requirements of today’s renters. And the bottom line is it can be much more profitable for the landlord long term, with more contributors paying rent than just a single client.
Up To Date Statistics
According to the latest social housing survey commissioned by the Department for Communities and Local Government, the majority of the UK’s private rented housing stock is owned by landlords with just a single property – small-scale landlords. Despite significant institutional investment in the sector encouraged by government policy and tax breaks, more than 93% of landlords in the UK have a single rental property, accounting for 81% of privately rented stock.
You’ll find little variation throughout England, Scotland and Wales, with single property landlords accounting for between 78% and 83% of all private rented properties.
And here’s something to consider? If the population continues to grow at the current rate of more than 500,000 a year, by 2039 there will be just under 10 million (9.7m) more people living in the UK. Enough to populate Greater Manchester three times over.” The need for flat-sharing will certainly increase along with this.
Modern House Sharing
Modern house-sharing doesn’t have to be an isolating or lonely experience when utilising the services of ‘Like-Minded Living’ for example. As a cutting edge rental agency they carry much more of a personal approach than an estate agent. They go the extra mile to match like-minded professionals with comfortable flat share properties or rooms to rent in London. Tenants can also have their utility bills organised for them, get help with additional furnishings and mediation in household affairs where necessary. It’s a brilliant package.
And when it comes to visionary landlords, they offer a range of property management services such as 24/7 property maintenance, property inspections and rent collection. Like Minded Living can make the process of letting your property simple, transparent and affordable. And of course, they’ll find you the perfect tenants, so in effect everybody wins. A straightforward yet brilliant 21st century concept. And remember – you can expect guaranteed rental income every month. You still get paid even if the property is empty. No set up fees, monthly commissions or hidden extras. What more could you want from such a service in todyay’s fast moving world?
As you can see there are more benefits to flat and property sharing than would initially meet the eye. It’s a trending take on modern living especially in the capital where prices can be so high. Professionals of all ages are enjoying the concept, along with individuals from many other walks of life.
A Positive Conclusion
So whether you are a potential tenant with good references, a first time, corporate or buy-to-let landlord, flat and property sharing can certainly work for you with the help and guidance of a rental agency you can trust and building up a great long term relationship along the way. ‘Like-Minded Living’. Why not give us a call to find out more?
Everyone should be able to enjoy where they live, and feel good about the people they live with. House-sharing is not just the here and now, but the future.