House Shares Soar As Rents Continue to Rise

01 October 2012 Categories: News

House Shares Soar As Rents Continue to Rise

As the average rent in the UK continues to rise, more and more private renters are turning to house shares in a bid to save money, says specialist flat share website SpareRoom. Houses with six or more bedrooms are amongst the most popular type at present, with the number of SpareRoom users searching for them up by 59% when compared to 12 months ago.

The average room price in a two or three bedroom house currently stands at £426 per month whereas the average room price in a property with five or more rooms is just £397 per month. With the average price of living alone now standing at £734 per month it seems room shares do offer significant savings.

The surge in popularity of larger house shares has sparked concern that more properties will be let without the required licenses though, both purposely and accidentally. The rules regarding HMO licensing can be confusing and it isn’t uncommon for new landlords to overlook the issue of registering their property. Director of SpareRoom, Matt Hutchinson, recently commented on the subject saying, “Landlords of larger properties should check if they require an HMO licence, so that their property meets the appropriate fire safety standards. There is useful information about HMOs on direct.gov.uk.”