Save money house sharing

Saving

Whether you’d like to reduce your monthly outgoings or get more value for your money, it’s worth considering what house sharing could save you each month.

There are various costs associated with setting up, maintaining and then closing down a rented or owned home. Some are one off costs such as a deposit, agent fees, or unblocking a sink, and some are regular costs such as water rates, broadband services and home insurance; other expenses increase with the number of residents or size of property, such as council tax, gas and electricity bills.

So thinking about a typical house share and ignoring all other personal and grocery costs – here is a basic illustration per person of how much money you can save house sharing.

London – Clapham example

Household Expense Monthly Costs
(For one)
Shared by two
(Per person)
Shared by three (Per person)
1 bed £1,307 n/a n/a
2 bed n/a £1,870
= £935 p.p.
n/a
3 bed n/a n/a £2,309
=£770 p.p.
Council tax £103 £55 £48
Contents insurance £20 £10 £7
Water rates £70 £40 £32
Electricity and Gas £60 £35 £30
Broadband basics £35 £18 £12
SkySports £30 £15 £10

Total


1,620 p.p.

£1,108 p.p.
Save 30% p.p.
£902 p.p
Save 45% p.p.

Source: Zoopla indicative current asking rents for Clapham, South London, July 2020

London – Manchester example

Household Expense Monthly Costs
(For one)
Shared by two
(Per person)
Shared by three (Per person)
1 bed £704 n/a n/a
2 bed n/a £993
= £497 p.p.
n/a
3 bed n/a n/a £1,269
=£423 p.p.
Council tax £83 £64 £48
Contents insurance £20 £10 £7
Water rates £70 £40 £32
Electricity and Gas £60 £35 £30
Broadband basics £35 £18 £12
SkySports £30 £15 £10

Total


1,008 p.p.

£688 p.p.
Save 32% p.p.
£568 p.p
Save 56% p.p.

Source: Zoopla indicative current asking rents for Manchester, July 2020

Worth thinking about! You can make this comparison yourself for your area – the economics will probably be very similar.

Looking at the reason for sharing by Cohabitas users, financial reasons (93.8% of people mention this) and social reasons (59.5% mention this) are an important benefit:

Q: What is you main reason for sharing a house?

Main reason to house share - Cohabitas users July 2020

Source: Cohabitas user registration survey July 2020.

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