What can I save by house sharing?

Saving

Whether you’d like to reduce your monthly outgoings or get more value for your money, it’s worth considering what sharing a flat or house 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 such as water rates, monthly broadband services and annual insurance, others increase with number of residents/size of property, such as council tax, gas and electricity bills.

So thinking about a typical home and ignoring all other personal and grocery costs – here is a basic illustration per person.

 

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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