Flat sharing can be a lifestyle choice for some, while others are a necessity. New research today shows which group you fall into, and which are the most expensive and cost-effective. GBP737 per month is the average cost of a room in a central London apartment. Newham is a high-priced option due to its abundance of new flats. A typical room in a Bexley apartment will cost you GBP450 per month. A typical room in Hillingdon costs GBP492 per month. On the other side of London, a room in Wandsworth is available for GBP463 per month. However, this research should help renters to determine where they can live in a time when rents are rising for the first-time since the pandemic. Hackney is an example of this. The average rent is GBP642. Renters who move north to Haringey would pay GBP574 and be able to save GBP1,200 per year. Switching from Southwark (GBP681pcm), to neighboring Lewisham (GBP621pcm), would save you more than GBP700. Spareroom.co.uk is a website that connects potential housemates. The number of people who live in shared homes has increased by 400% in a decade. Matt Hutchinson, Spareroom spokesperson, said that London housing has become so expensive that people are renting well into their 40s, 50s and 50s. “You’re also seeing people leaving long-term relationships and returning to sharing. “READ MORELondon’s housing crisis will cause a ‘crippling increase in costs’ for renters who lack thousands of new homes. London rents: affordability crisis as demand for rentals is highest since 1999Ban on evictions due to be announced in spring. Rents fell by eight per cent in London during the pandemic. This was because sharers fled home to avoid the long weeks of lockdown. Hutchinson stated that this trend has now reversed and that the capital’s demand for rooms is greater than its supply. He said that this puts a lot pressure on the market and rents have been rising again. His advice to sharers with a tight budget is to consider south east London, where rents are historically low. He said that south east London has been the most affordable because it is not well-served by the tube network. However, that still makes a difference.
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