Latest news with #SpareRoom
Telegraph
2 hours ago
- General
- Telegraph
Young people turn to lodging to beat rising rents
Young people are becoming lodgers in ever greater numbers to beat rising rents, research reveals. Data from SpareRoom has found the number of young people becoming lodgers has risen by 50 per cent in just three years. Lodgers, who live in their landlord's home, pay around 17 per cent less than the average renter but can be evicted more easily. Many also end up having to go to bed early and endure bans on partners staying overnight and compulsory pet-sitting. But many reported feeling trapped by bizarre rules set by their landlords. Lina, 33, said: 'When you're a lodger, you're basically at their mercy. You have to do what they say, and they're always watching you. It can feel like they're invading your privacy.' James, 29, whose name has been changed to protect his identity, said his bedroom had no door, that he was not allowed to bring his partner back to the flat, and was told after he arrived that the landlord's girlfriend would be moving in with them. He said he was also told to stop all noise after 9pm because his bedroom was directly above the landlord's. 'I was sort of trapped in my room. I couldn't even go for a wee or anything like that. It was really bad,' he said. 'If I went downstairs to brush my teeth, he would get annoyed. Anna, 26, whose name has also been changed, said she had no other option but to become one as she had no reference or guarantor in Britain after moving from Norway for a master's course. She said the arrangement was her only option. She moved into a property she found on a Facebook group for Norwegians in London, but soon ran into issues. Her bedroom had no lock, she had to take care of her landlord's dog when she went away and had to give an advanced warning if a friend was coming to visit. All friends had to be women and visit during the day under the rules. She also said her landlord installed a camera by the front door. Anna recalled: 'She said to me twice, 'Just so you know, I got the camera so I can see who comes in and who doesn't come out when I'm not home'.' A government spokesperson told The Times: 'Our Renters' Rights Bill will transform the private rental sector in England, bringing greater security to millions of renters. 'Lodgers live in the landlord's home, rather than a rental property. But we know that this is an evolving sector which is why the Bill will allow us to extend protections and rights to new tenures like lodgers in the future. We continue to keep this under review.'
Yahoo
3 days ago
- Business
- Yahoo
10 student homes that will appeal to savvy buyers
As A-level results day looms and the countdown to the start of the new academic year begins, it's worth taking a serious look at student housing. With constant demand and few voids, renting to students can be very lucrative – flatshare website SpareRoom has found that average monthly rents for rooms in the UK's top 45 university towns and cities range from £500 in Bangor to £980 in London. Whether you're after a property for a child to live in while studying or purchasing purely for investment, start with this selection. 1. The Bank, Leeds, from £190,000 A Grade II-listed former bank in the city centre has been transformed into 17 one- and two-bedroom apartments and duplexes with contemporary kitchens and open plan living areas. They're a short walk from the University of Leeds campus and available to move into immediately. Find out more from LH1 Global. 2. Cardiff, £215,000 This mid-terrace house is close to Cardiff University and its medical school at the University Hospital of Wales. It comprises a living room, dining room and kitchen, two double bedrooms and a first floor bathroom, and is being sold with tenants in situ. Get in touch with Moginie James. Read more: 9 homes that are perfect for summer parties 3. West End, Dundee, offers over £235,000 Part of a small development built in 2016, this first floor flat is only five minutes' walk from the University of Dundee. It's well kept and consists of a spacious all-in-one kitchen, living and dining area opening onto a balcony, two double bedrooms and two bathrooms, so ideal for sharers. Available through Verdala. 4. Fallowfield, Manchester M14, offers over £290,000 You'll find this four-bedroom HMO (a house of multiple occupation that can be shared by between three and six unrelated people) in a neighbourhood boasting one of Europe's largest student communities. There's a modern kitchen, a bright living/dining room and a newly-refitted shower room, plus extras such as a burglar alarm, USB charging sockets and a bike rack in the secure back yard. It's rented out at £1,664 per calendar month until the end of June 2026, making it a great hands-off investment. From Bridgfords. 5. Bath, £365,000 Any Bath University student would be proud to live in this end-of-terrace garden flat, as it's roomy, full of character and in a very convenient location. It incorporates an all-in-one kitchen, living and dining room with a breakfast bar, a double bedroom, a dressing room that could be used as a second bedroom for guests, a bathroom and a courtyard garden. Contact Carter Jonas. Read more: 8 UK holiday homes that make great investments 6. Bruntsfield, Edinburgh, offers over £475,000 Located in a popular student area, this well-proportioned four-bedroom flat includes period features such as a wide bay window and wooden floors, and use of a communal garden. In the past it's been successfully let as an HMO and could be rented out to students once the purchaser obtains a new licence. Available through McEwan Fraser via ESPC. 7. Bournemouth, Dorset, from £500,000 If you're buying for a student offspring, one of these new-build townhouses is perfect, as they're a quick bus ride from Bournemouth University and about a mile from the sandy beach. There are four in total, each with three ensuite bedrooms, a ground floor living room, a well-equipped kitchen, a utility and a terraced garden. For sale through Savills. Read more: 9 delightful duplexes to check out now 8. Loughborough, Leicestershire, £1.2m Loughborough University is a few minutes' walk from this modern block, consisting of nine self-contained studio, one- and two-bedroom flats. Following a full refurbishment three years ago when new kitchens and bathrooms were fitted, they're in good condition and fully tenanted, generating an annual rental income of £83,647.20. Based on the guide price, this equates to a very healthy 6.97% net yield. Contact Leaders. 9. Marconi House, Strand, London WC2, £1.8m Somewhat superior to standard student digs, this duplex flat occupies the first and second floors of a building that once housed the BBC's first radio studio. Accommodation stretches to nearly 1,400 square feet and includes three bedrooms, two bathrooms and a double-height kitchen, eating and living space, and there's a concierge and underground parking. King's College London and LSE are moments away. Via Anderson Rose. 10. The Nova Building, Victoria, London SW1, £1.85m According to the sales team, this development — completed in 2017 — is popular with students due to its security, facilities and good connectivity to London universities. A two-bedroom, two-bathroom seventh floor flat with a parking space is currently for sale, and residents have access to a cinema, gym, a meeting room, a ninth floor sky lounge and a communal roof garden with views over Buckingham Palace and the city. Through Knight Frank. Read more: Lenders hold mortgage deals as Bank of England cuts interest rates How you can still make money from flipping property What are branded residences and who's buying them?Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
10 student homes that will appeal to savvy buyers
As A-level results day looms and the countdown to the start of the new academic year begins, it's worth taking a serious look at student housing. With constant demand and few voids, renting to students can be very lucrative — flatshare website SpareRoom has found that average monthly rents for rooms in the UK's top 45 university towns and cities range from £500 in Bangor to £980 in London. Whether you're after a property for a child to live in while studying or purchasing purely for investment, start with this selection. 1. The Bank, Leeds, from £190,000 A Grade II-listed former bank in the city centre has been transformed into 17 one- and two-bedroom apartments and duplexes with contemporary kitchens and open plan living areas. They're a short walk from the University of Leeds campus and available to move into immediately. Find out more from LH1 Global. 2. Cardiff, £215,000 This mid-terrace house is close to Cardiff University and its medical school at the University Hospital of Wales. It comprises a living room, dining room and kitchen, two double bedrooms and a first floor bathroom, and is being sold with tenants in situ. Get in touch with Moginie James. Read more: 9 homes that are perfect for summer parties 3. West End, Dundee, offers over £235,000 Part of a small development built in 2016, this first floor flat is only five minutes' walk from the University of Dundee. It's well kept and consists of a spacious all-in-one kitchen, living and dining area opening onto a balcony, two double bedrooms and two bathrooms, so ideal for sharers. Available through Verdala. 4. Fallowfield, Manchester M14, offers over £290,000 You'll find this four-bedroom HMO (a house of multiple occupation that can be shared by between three and six unrelated people) in a neighbourhood boasting one of Europe's largest student communities. There's a modern kitchen, a bright living/dining room and a newly-refitted shower room, plus extras such as a burglar alarm, USB charging sockets and a bike rack in the secure back yard. It's rented out at £1,664 per calendar month until the end of June 2026, making it a great hands-off investment. From Bridgfords. 5. Bath, £365,000 Any Bath University student would be proud to live in this end-of-terrace garden flat, as it's roomy, full of character and in a very convenient location. It incorporates an all-in-one kitchen, living and dining room with a breakfast bar, a double bedroom, a dressing room that could be used as a second bedroom for guests, a bathroom and a courtyard garden. Contact Carter Jonas. Read more: 8 UK holiday homes that make great investments 6. Bruntsfield, Edinburgh, offers over £475,000 Located in a popular student area, this well-proportioned four-bedroom flat includes period features such as a wide bay window and wooden floors, and use of a communal garden. In the past it's been successfully let as an HMO and could be rented out to students once the purchaser obtains a new licence. Available through McEwan Fraser via ESPC. 7. Bournemouth, Dorset, from £500,000 If you're buying for a student offspring, one of these new-build townhouses is perfect, as they're a quick bus ride from Bournemouth University and about a mile from the sandy beach. There are four in total, each with three ensuite bedrooms, a ground floor living room, a well-equipped kitchen, a utility and a terraced garden. For sale through Savills. Read more: 9 delightful duplexes to check out now 8. Loughborough, Leicestershire, £1.2m Loughborough University is a few minutes' walk from this modern block, consisting of nine self-contained studio, one- and two-bedroom flats. Following a full refurbishment three years ago when new kitchens and bathrooms were fitted, they're in good condition and fully tenanted, generating an annual rental income of £83,647.20. Based on the guide price, this equates to a very healthy 6.97% net yield. Contact Leaders. 9. Marconi House, Strand, London WC2, £1.8m Somewhat superior to standard student digs, this duplex flat occupies the first and second floors of a building that once housed the BBC's first radio studio. Accommodation stretches to nearly 1,400 square feet and includes three bedrooms, two bathrooms and a double-height kitchen, eating and living space, and there's a concierge and underground parking. King's College London and LSE are moments away. Via Anderson Rose. 10. The Nova Building, Victoria, London SW1, £1.85m According to the sales team, this development — completed in 2017 — is popular with students due to its security, facilities and good connectivity to London universities. A two-bedroom, two-bathroom seventh floor flat with a parking space is currently for sale, and residents have access to a cinema, gym, a meeting room, a ninth floor sky lounge and a communal roof garden with views over Buckingham Palace and the city. Through Knight Frank. Read more: Lenders hold mortgage deals as Bank of England cuts interest rates How you can still make money from flipping property What are branded residences and who's buying them?
Daily Mail
02-08-2025
- Business
- Daily Mail
The landlord tax trap stopping home owners renting out their spare rooms
Homeowners looking to earn some extra cash from renting out a room to a lodger are being snared by a tax trap. Households can let out a furnished room and earn up to £7,500 a year tax-free without notifying the tax office. But the allowance hasn't risen in nine years, despite rental prices shooting up in that time as the cost of living has risen. Housing expert Matt Hutchinson, director of house share site SpareRoom, says the freeze on the Rent a Room Scheme's tax-free threshold is putting off would-be landlords. He says that if just one in 20 of Britain's spare rooms were rented out to lodgers, it would add the equivalent of a city the size of Birmingham to the nation's housing stock. Mr Hutchinson says that if the threshold had risen in line with RPI inflation – which includes costs associated with home ownership – it would now be £11,500 and cover 94 per cent of UK postcode areas. He also thinks a higher threshold would mean more rooms coming on to the market. Among those worst affected by the freeze are homeowners for whom lodgers are a useful source of extra income, as the cost of living and mortgage rate rises have added substantially to bills. Alex Hobbs, 29, a manager in the construction industry, took in a lodger when he was looking for a way to help cover his mortgage on a two-bedroom flat in London after the pandemic lockdown. But the tax threshold – and the cost of getting an accountant to check he was correctly declaring his income – has now put him off. He says: 'The cost of living had hit all my different household bills. Interest rates had gone up on residential mortgages, so I was giving myself that security and peace of mind that I wouldn't be stretched too thin. 'So I decided it would be sensible to rent out a spare room. He [the lodger] was quite sociable, so we became friendly, and it was quite nice because it gave me a bit of company sometimes.' Mr Hobbs says that renting out a room covered half his mortgage payments, and the tax-free allowance, which works out at £625 per month, was a major benefit. 'I was charging £750 a month and then he paid separately for a share of the bills. Then I realised you had to pay tax on rent over £625 a month. 'I thought the allowance was quite low. I had to get an accountant and pay their fees, and it was a lot of work. I know that other tax allowances have been frozen too, but the personal income tax allowance has at least changed in the last ten years, and the lodger allowance hasn't.' Mr Hobbs has now moved further out of London and into a one-bedroom home, so he no longer has a spare room to rent. However, he says he would have considered buying a bigger property and relying on one or two lodgers if it hadn't meant completing a tax return each year. The Rent a Room scheme is open to households who let a furnished room in their main home to a lodger. Even tenants can make use of it, although many leases can forbid sub-letting and require special permission from the landlord. Mr Hutchinson campaigned for the threshold to be lifted from £4,250, or £354 a month, to the higher rate in 2016. At this point £7,500 covered average room rents everywhere except London. But data from SpareRoom shows average room rents have increased by 21 per cent across the UK, and by 34 per cent in London over the past nine years. Mr Hutchinson says: 'It's not just the money – people can be really scared about tax and adding complexity to their finances. 'If you look at Office for National Statistics data and the number of houses in England and Wales with one or two spare rooms, there's about 26 million. So even renting out 5 per cent of those rooms would create a city the size of Birmingham but spread out across the country.' Frozen income tax thresholds mean the bill for breaching the allowance can be larger if someone has been dragged into a higher tax bracket by the extra income. Laura Suter, director of personal finance at the investment platform AJ Bell, says: 'It means that, for some, once this tax and other costs of renting a room are taken into account, there isn't sufficient incentive for them to do it.' The question of hiking the tax-free allowance has been raised in Parliament, most recently in February when Baroness Watkins of Tavistock asked if the Government had considered raising it. Replying on behalf of the Treasury, Labour peer Lord Livermore agreed the scheme 'reduces and simplifies the tax and administration burden for those affected and has taken some taxpayers out of self-assessment entirely'. However, he added a rise was not on the cards, saying: 'At present, the Government believes that the Rent a Room Scheme threshold is set at an appropriate level.'
The Sun
20-07-2025
- Business
- The Sun
I live in London for under £500 a month including bills thanks to my clever rental hack – anyone can do it
A WOMAN has revealed how she lives in London for under £500 a month including bills - saving her over £5k a year - by using a clever rental hack. Honora Pamplin, 27, lives in a spacious converted warehouse with four housemates in Walthamstow, east London. 5 5 But she pays just £480 - plus £15 a month for wifi - by being a 'property guardian'. This is an individual - or group of individuals - who lives in a vacant property to keep it in good condition and safeguarded from squatters or vandals. Honora said her license comes with no additional responsibilities beyond being a responsible tenant - and includes all her other bills and council tax. With the average price of a room rent in east London being £944, according to SpareRoom, she has saved £5k around since moving in last August. They have industrial aircon units and powerful heaters for when the weather gets too hot or cold and lots of space as well as two living rooms. Honora, an events campaign manager, originally from Galway, Ireland, said: "My lease was coming to an end last summer when I came across the concept of property guardianship. "A friend of a colleague said they had done it before so I went to view a place, almost out of curiosity. "It was so cheap that it felt hard to say no - my friend and I said we'd give it a go for a few months. "I'm still here now and I've had a great time - we have loads of space in a good location. "I've managed to save far more money for a holiday and a house deposit." I live in an abandoned hospital and it's terrifying at night - but it's a bargain a just £470 per month Honora was coming to the end of a tenancy with a friend in a two-bed flat in Walthamstow - where she had been paying £750 per month plus £200 bills. They decided to trial a property guardianship and moved into the ex-warehouse with four other housemates. The group furnished it themselves - similarly to moving into any other unfurnished rental. She said: "The back part is a locked warehouse the company use to store furniture - and we live in the front half. "We think it may used to have been offices but it has been converted into a kitchen, two living rooms, and bedrooms. "It came with white goods and we furnished it using a mishmash of furniture from our previous places, as well as Facebook Marketplace. "It's not the most cohesive decoration but I think we've done quite well making it feel homey." A potential downside is that they could be asked to leave with as little as 28 days notice, if the owner wishes. 5 5 However Honora said the property agent assured her they have no immediate plans to do that - and tenants usually stay a minimum of six months. She said: "They keep in good contact with us too, so it doesn't feel precarious." Pros and Cons of being a property guardian Being a property guardian means you can pay reduced levels of rent. But there are some downsides to be aware of too... Benefits Below market rent Electric, gas, water and council tax often included 28 days notice needed if you want to leave Access to unique locations Flexible agreements Drawbacks Limited Legal protection You're a licensee, not a tenant which gives you reduced rights under UK housing law. Easier to evict a licensee Basic living conditions Often properties are 'modified' for temporary living Not suitable for families looking for long term living No guests, pets, or children in many cases Some companies charge application or 'admin fees' It naturally as an 'industrial' look - with exposed pipes on the ceiling - but she said they enjoy it. And because of its original purpose, it comes equipped with a full air conditioning system as well as heating - meaning they're comfortable all year round. Honora said: "I don't know anyone in London who pays less than I do for their home." In addition, as someone who works in sustainability, she loves that being a property guardian is a way to repurpose buildings so they aren't knocked down and rebuilt. Honora said she has been able to save the extra cash for a holiday and plans to continue saving for a house deposit while living there. She said: "I understand maybe if you have a family you couldn't commit to something like this in case you do need to leave. "But if you're in a more flexible situation it's great. "I've never had this much space or paid so little money for it." 5
