Aren’t you a bit old to be living with Friends? Divorce and soaring house prices lead to boom in 40-somethings renting shared houses
01-28-2014
- Flat-sharing websites report a 50 per cent increase in middle-aged sharers
- Relationship break-down and rising prices mean they have to rent rooms
- Spareroom.co.uk reports 60,000 over-40s looking to rent room in last year
- Easyroommate.com says some rent in London Monday-Friday for work
- Annual rents across Britain soared in the last year, especially in London
- Average asking price for a house in England and Wales is now £243,861
By Harriet Arkell
Forty-somethings who can't afford to rent or buy a home on their own are turning to flatshares with people half their age, new figures reveal.
The combination of divorce and rising house prices are said to be to blame for a massive rise in middle-aged people looking to rent rooms in a Friends-style house full of strangers.
Websites for would-be flat-sharers say the number of people aged 40-plus looking for rooms has surged in the last five years, with one reporting a doubling of enquiries from over-40s since 2009.
Friends: A decade ago, the US sitcom portrayed 20-somethings sharing, but now the over-40s are doing it, too
Friends: A decade ago, the US sitcom portrayed 20-somethings sharing, but now the over-40s are doing it, too
Matt Hutchinson, of Spareroom.co.uk, said: 'One in eight wanted ads on our website comes from the over-40s, which equates to 60,000 people that age looking for rooms in the past year.
'That figure has gone up from 40,000 five years ago, representing a 50 per cent increase.'
He said: 'The reasons for them wanting to share a room is split between those whose relationships have broken down and those who can't afford to get onto the property ladder.
'Our society is geared towards couples - it is the same price to rent or buy a one-bedroom flat for a couple or a person on their own, so for someone newly-single in their 40s, it is very difficult to afford to live on their own.'
Given that the average age of people using his site is 28, it means the older flat-sharers may end up living with people half their age.
Mr Hutchinson said that while the number of advertisements posted by 40-somethings had soared, he believed the true figure of those looking to share accommodation was far higher.
He said: 'Some 40-somethings are too embarrassed to post an ad, fearing their age might put potential flat-mates off.
'Instead, they just respond to ads, hoping that once they've met the younger flat-mates, they will see that they will all get on.'
House prices are rising, so now even the middle-aged are finding it hard to get onto the property ladder
Rishi Patel, of Easyroommate.co.uk, said his website had also noticed more middle-aged people flat-sharing.
He said: 'We've noticed a growing number of people in their 40s and older choosing to flat-share, and the number of 40-plus renters registered with us now accounts for 13 per cent of the total number of people searching for a room.'
He said marriage break-ups and financial constraints were a factor, but said they also attributed it to older renters having to work in London while their family live outside the capital.
'Nearly a quarter of all our 40-plus flat-sharers are searching for a room in London where they work during the week, and they then go back and spend the weekends with their families' he said.
Mr Patel said the current average flat-share rent across the UK was £390, while the average rent was £745.
He said: 'The vast different in asking prices clearly shows why growing numbers of people are choosing to flatshare instead of live alone.'
Mr Patel said that as long as property prices - to buy or to rent - continue to increase, he predicts that flatsharing will continue to grow in popularity.