Flatshare phenomenon

The rise in rent inflation is leading more young people to abandon living alone and to resort to dipping into the flatshare market, according to research by easyroommate.co.uk.

Jonathan Moore, director of the website, says that the low levels of lending to prospective first time buyers has led to thousands of potential homeowners to run screaming into rented accommodation.

'This has driven up rents in the wider rental market – driving down the affordability for many renters,' he said.

A poll showed that over 80 percent of renters aim to have their own place in the future, but 70 percent of respondents admitted that they either did not earn enough money for the mortgage or didn't have a big enough deposit.

As a result of higher demand, rents have gone up, and as rents have gone up so renters' ability to save up for a potential mortgage has been dealt a blow. One in three flatsharers didn't believe they would have their own place in the next three years. As rents grow, so larger households become more common, with the average flatshare size growing.

'Larger flatshares 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,' said Mr Moore.

'Many flatsharers are looking to trade off less space around the house for cheaper deals and lower monthly utility bills, while an increasing number of couples are living together with flatmates to avoid higher rents in the wider market.'

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