The concept of ‘Hutching up’, which involves people, usually young professionals, living together in smaller accommodation to meet soaring rental costs, is typically associated with the London property market. But according to Mistoria Estate Agents, the trend has now expanded to the rest of the UK, and is prevalent in cities such as Manchester, Salford, Bolton and Liverpool.
What Does Hutching Up Mean?
Across many cities in the UK, flats, houses and HMOs are filled with young people who can only afford to live independently if they share accommodation with affordable rental charges. Mistoria has seen a 17% rise in the number of young professionals in the North West renting rooms in HMOs to save money over the past year.
Tenants in the UK are now paying an average of £959 monthly rent. according to the HomeLet Rental Index for May, representing a 2.7% increase on the same month a year earlier.
Mish Liyanage, Managing Director, comments: “Many young people struggle to rent on their own and there is certainly a growing trend of flat and house sharing amongst young professionals. Whilst students have been sharing accommodation for many years, more and more recent graduates are finding that they can’t afford to live independently. If they’ve stayed in a good quality HMO as a student, unsurprisingly graduates see no reason to change their living circumstances when faced with a huge hike in rental costs.
“We have seen lots of young professionals take on our student lets – mainly a room in an HMO, with a shared kitchen and sitting room. Our properties are finished to a very high standard and require just £80-£110 a week to rent, bills included. We are even able to offer Deposit Free Renting. For many, not having to set up electric, gas, broadband and TV accounts or pay council tax and find hundreds of pounds for a deposit and for the month’s rent, is a massive bonus. Having the luxury of being able to budget, without having fluctuating monthly bills, has all contributed to the rise of hutching.”
“The quality of HMO accommodation on the market has improved dramatically over the last few years. Young professionals are very discerning and large flat screen TVs, leather furniture, high speed broadband and en-suites are all quite standard now. Landlords can no longer cram as many people in as possible to maximise rental income. A property with three medium/large rooms finished to a very high spec will easily generate £80-110 per week in rent, compared with four small rooms with a poor spec at just £65-75 per week.”
North West Student Accommodation
If you’re on the hunt for North West student accommodation in Liverpool, Salford or the Bolton and Walkden area for the next academic year, look no further than Mistoria Estate Agents. We can help you and your friends find the property that’s right for you, at the right price. Please get in touch with the team to find out how we can help. Can’t find what you’re looking for? Then try Student Haus or Pick My Pad.
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If you are interested in purchasing an investment property, please visit the Mistoria Group website.