First-time Buyers

Single renters face wait to buy

Adam Williams
Written By:
Adam Williams

People who rent on their own face a longer wait to raise a deposit for their own home, research has suggested.

Tenants who rent a room in a house with multiple occupants, commonly described as a flat share, will generally be able to save for a deposit in 5.6 years.

However, those who live alone in a one-bed flat face a wait of 9.9 years, figures released by Platinum Property Partners said.

This is based on the average first-time buyer deposit of £20,600, buying a typical property.

Professional tenants can save £308 per month when living in a flat share compared to £174 for people who live in a one bedroom flat, a 77% difference.

As well as increased rents, single renters must also pay for council tax, gas, electricity, water, broadband and TV on their own.

The typical monthly cost of a room in a house share – including bills – is £556. This compares to £975 per month for a one-bed flat. This is a difference of more than £5,000 each year.

Steve Bolton, founder and chairman of Platinum Property Partners, said: “Our research shows that living in an HMO is far more affordable than renting alone – and means HMO tenants have a realistic timeframe for saving up for future goals like a house deposit.

“HMOs aren’t just more affordable – they also offer high quality, flexible living. Living alone isn’t for everybody, and many HMO tenants enjoy the social aspect of living with a group of new people.

“For those who don’t want to commit to one location just yet, HMOs are also an enjoyable and affordable way of testing the waters in a new area. They also remove the cost and hassle of moving from one unfurnished property to another – which can prove invaluable when moving frequently for work.”