According to leading student property investment specialists, The Mistoria Group, ‘hutching up’ involves young people squeezing into smaller accommodation to meet soaring rental costs.
Mistoria has seen a 15 per cent rise in the number of young professionals in the North East renting self-contained rooms in HMOs, to save money over the last 12 months.
Once assumed to be a London trend, now all across the UK, flats, houses and HMOs, young people are forced to share accommodation and squeeze into small rooms with affordable rental charges, in order to live independently.
Mish Liyanage, Managing Director of The Mistoria Group, said: “While many young people dream of having a place of their own, the fact it is that many have to live in over-crowded accommodation.
We have seen lots of young professionals take on our student lets – mainly a room in a HMO, with a shared kitchen and sitting room. They are finished to a very high standard and require just £80-£110 a week, including all bills, and require just a £200 deposit and £100 admin fee per tenant.
Mish added: “Many young professionals ask themselves, is it better to share a house in the right part of town close to work and leisure facilities, than rent a flat in a less desirable but more affordable out of town location? For many, not having to set up electric, gas, broadband and TV accounts or pay council tax and find £000’s in deposit and first month’s rent, is a massive thumbs up for their wallets. Having the luxury of being able to budget, without having fluctuating monthly bills, has all contributed to the rise of hutching.”
This article first appeared on Today’s Landlord on 11th August 2014.