Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
Couples in property limbo are living in Flatshares with no way onto the property ladder.
SpareRoom.co.uk surveyed couples currently renting rooms in shared accommodation to learn more about their attitudes to their living arrangements. Just like individuals trapped in the private rental sector and unable to buy, eight out of ten UK couples living in flat and houseshares say they cannot afford to get onto the property ladder or rent on their own, as deposit funds are eroded by the high cost of living and banks are still cautious about lending at high Loan To Values.
44% of couples who have no choice but to live in flat or houseshares say the predicament is affecting their aspirations to settle down and start a family. Another 36% said that, although they had no immediate plans to start a family, they believe their living situation could affect their future plans.
14% of couples who would like to buy cannot see their way out of the rental sector, saying they will never be able to afford to get onto the property ladder. While 45% of couples polled are aspiring to quit their house shares and rent on their own within the next two years, another 13% say they cannot even afford to move out of flatshares in the foreseeable future.
Due to the soaring costs of living only 21% of couples currently living in flatshares are actually saving up to buy a property and 12% say they are saving up to buy a property in the next five years.
Matt Hutchinson, director of Spareroom.co.uk, comments: “It’s an unfortunate predicament that many couples living in flat and houseshares can’t even afford to rent on their own, let alone buy a home together.”
“The problems these couples face highlight how difficult the current economic situation is for first time buyers. If a couple who already split rent and bills between them can’t save for a deposit, what chance does everyone else have?”
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