Many property investors are investing in the house share market, which is predicted to rise, said PropertyInvestorToday.co.uk in October 2016.
Smart Property, a company that manages luxury house sharing properties, has raised over £300,000 through crowdfunding so that it can expand the company and manage more properties. Andy Graham, a director of Smart Property said:
“The house sharing market is a very attractive prospect for anyone wanting to invest in property at the moment. The number of young professional house sharers is rapidly increasing in the UK.”
He added that, due to the rise in property prices and high rents, many single people cannot afford to buy property or rent a house or flat on their own.
According to the PropertyInvestorToday.co.uk article, property company Savills estimates that 20% of rental properties in the UK are let to house sharers. There are around 4.5 million houses rented by house sharers and Savills predicts that a further 1.1 million properties will be added by 2021.
Meanwhile, estate agent Knight Frank says that 43% of 18-to-24-year-olds are renting house sharing properties. Three quarters of them want furnished accommodation, and 62% want rents to include utility bills.
Affordability is a big factor in choosing to house share, but many sharers are prepared to pay extra for better facilities. They are particularly attracted to deals where one monthly payment covers rent, utility bills and added amenities such as Sky TV, cleaning and laundry.
Commercial mortgages are available through mortgage brokers for landlords to purchase house sharing properties.