Solo living surges amid cost-of-living crisis

Solo living surges amid cost-of-living crisis

0:02 AM, 25th July 2024, About 5 months ago 3

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The number of young people living alone in the UK has rocketed by a third in just one year, with 237,000 individuals now embracing solitary lifestyles, research reveals.

While this trend highlights a growing desire for independence, it coincides with a severe cost of living crisis that is making solo living increasingly challenging for many.

Insurance experts Alan Boswell Group have unveiled a comprehensive analysis of one-bedroom flats, studios and single rooms across England, revealing stark disparities in rent costs.

Most affordable city for solo renters

The firm found that Hull is the most affordable city for solo renters, with average rental costs of £8.85 per square metre.

Bradford follows closely at £9.17, while Stoke-on-Trent, Liverpool and Wolverhampton round out the top five cheapest cities.

Conversely, London reigns supreme as the most expensive city for solo living, commanding a hefty £23.39 per square metre.

Bristol and Brighton and Hove occupy the second and third spots, respectively, with rental prices exceeding £19.

Big disparity exists

Alan Boswell Group highlights that there’s a big disparity which exists between the North and South of England.

Northern regions, it found, boast an average rental price of £10.22 per square metre, while Southern counterparts demand a staggering £18.09 – that’s 76.95% more.


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moneymanager

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10:25 AM, 25th July 2024, About 5 months ago

'Embracing solitary lifestyles'?

Subscript, in this 'interconnected' world people have become ever less capable at personal interactions and relationship building, it is disempower meant and social destruction, put down that phone and talk to people

Paul Essex

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12:53 PM, 25th July 2024, About 5 months ago

Couples moving in together also badly damages their entitlement to benefits and I am sure this is also having an impact.

Lisa008

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15:18 PM, 27th July 2024, About 5 months ago

I’ve been saying this for years. All the people who chat on here about the housing crisis being due to immigrants. I have always said the 50% divorce rate, the fact that more people are single and living single… that is having a big impact on housing. And larger houses are actually under occupied because people are having fewer (if any kids). And with legislation like article 4 making it difficult for 4 singles to share a space eg a 4 bed property … you just have the housing dynamics that we have! The tax free lodger limit (currently £7,500) should be increased. And if building for the future… it’s cheap 1 beds and studios that are in demand and would do down well… especially in London. Wasn’t it Mrs Thatcher who said “there’s no such thing as society” and here we are. Individuals just fighting over dwindling resources. Every man, woman and dog for themselves.

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