High London rents - with the average now running at £1,280 - are driving tenants into sharing according to an online property platform.
In sharp contrast to the typical cost of London accommodation, the average rental asking price for a room in a shared house is £782 claims Spotahome.
The platform contends that Londoners who opt to live in shared housing can save nearly £500 a month, an annual reduction of just under £6,000 when compared to the average property.
“The rising cost of accommodation is often a major point of contention for many Londoners, and for people choosing to move to the city from abroad, the cost of rent can be a real shock” claims Alejandro Artacho, the platform’s chief executive.
“Continually rising rents are pushing professionals to their breaking point. As a result we are seeing growing numbers of people looking for cheaper alternatives, with a particular desire for shared accommodation.”
The platform says it uses independent ‘homecheckers’ to create videos and take photographs of each home ensuring that tenants have an accurate representation of the property.
Once a booking has been confirmed the first month’s rent isn’t transferred to the landlord until 48 hours after the move in date, providing the tenant with an additional safety net.