Posts with tag: flat shares

Most Expensive Place to Rent in Britain (and it’s not London!)

Published On: May 7, 2015 at 8:45 am


Categories: Property News

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The most expensive place in the UK to rent a room in a shared house or flat is Woking in Surrey.

A new study has found that renting in Woking, a 30-minute train journey from London Waterloo, cost £755 per month in the first quarter (Q1) of 2015, up from £503 in Q1 2014.1

Most Expensive Place to Rent in Britain (and it's not London!)

Most Expensive Place to Rent in Britain (and it’s not London!)

The serious housing shortage in Britain has caused property price surges and is fuelling room rent rises in popular areas and cities, according to the latest rental index from the flat and house share website EasyRoommate. The average rent per person in the UK was £451 a month in Q1 2015. This has risen from £433 in Q1 2014.1

Young professionals are moving to Surrey and other Home Counties in a bid to find more value for money whilst still working in London.

London’s density is increasing, causing young renters to leave the capital, where their work and social life is.

Chief Executive of EasyRoommate, Karim Goudiaby says: “There are also large corporations based in Woking, such as SABMiller and Cap Gemini, which is drawing young professionals out into the town who tend to share.”1

London is also in the top five most expensive places to rent in the UK, where rents rose by 6% this year compared to Q1 2014. The average room rate was £672 in Q1 2015. Furthermore, for every available room in the capital, there were around six people looking for a room.1

In an attempt to stop rents spiralling, Ed Miliband has pledged rent controls on three-year tenancies, with rent increases in this period limited to inflation rates.

The Residential Landlords Association (RLA) has criticised the plans. It believes they will reduce the supply of homes and discourage investment in the buy-to-let sector.

Research from the RLA indicates that two thirds of landlords in the UK will leave the private rental sector if Labour wins the general election and a rent controls policy is introduced.

Three Welsh cities, Pontypridd, Swansea and Carmarthen, featured in the 20 cheapest cities. Lowestoft in Suffolk was ranked the cheapest place to rent in 2015.1


Tenants Pile into House Shares

Published On: September 29, 2012 at 3:28 pm


Categories: Property News

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Houses in Multiple Occupation (HMOs) are getting more popular, as tenants look for cheaper rooms in house and flat shares.

The house and flat sharing website has revealed that the fastest expanding property type on their site is houses with six or more bedrooms. This is growing in both supply and demand.

Tenants Pile into House Shares

Tenants Pile into House Shares

In the last year, there has been a 59% increase in rooms vacant in six or more bedroom homes on SpareRoom, with a further 51% rise in rooms in five-bedroom properties, and 43% more in four-bed houses.

London’s figures are higher still, with rooms in six or more bedroom houses rising by 79%, and another 74% in five-bedroom homes.

In the current economic market, large flat shares are becoming ever popular, due to high living costs and expensive rents.

Across the UK, a room in a two and three-bedroom flat or house shares will cost you £426 a month, whereas four to six-plus bedroom properties cost an average of £397 per month. This saves £348 a year in rent, says SpareRoom.

In London, rent in a two-bedroom flat is £809 per month, while a room in a six-bedroom share is £710, saving you £1,188 a year.

Director of SpareRoom, Matt Hutchinson, explains: “Faced with stubbornly high living costs, jobs uncertainty and, in many cases, reduced incomes, renters are increasingly looking to make savings wherever they can, and sharing a larger property with more people is a simple way to do that. Not only is the rent cheaper, but monthly bills are lower when divided amongst a bigger group, too.

“Landlords can reap higher yields from larger properties and tend to rent by the room in bigger house shares, as it can be difficult to find a big enough group of sharers that will move in al ltogether, unless their property is located in a university town or city and they are targeting the student market.”1

If you are looking to invest in a larger property, landlords should be wary of HMO licences and whether the local council requires them.