The number of young people living alone in the UK has exploded – a 33% increase in just one year! That’s over 237,000 people choosing to go it alone. While this shows a growing desire for independence, it’s also happening alongside a brutal cost-of-living crisis. So, is solo living still a good option for landlords and investors? Let’s take a look at the numbers.
Solo Living: A Growing Trend
A new study from insurance experts Alan Boswell Group has shown that one-bedroom flats, studios, and single rooms are in high demand. This rise in solo living means there’s a massive opportunity for landlords and investors – but with the cost of living skyrocketing, you need to be smart about where you’re investing.
North vs. South: Where the Money is (and isn’t)
The study revealed a stark difference in rental prices between the North and South of England. While Northern regions boast an average rental price of £10.22 per square metre, the South is demanding £18.09 – that’s a massive 76.95% difference!
The Best (and Worst) Cities for Solo Living
Here’s a breakdown of the most affordable and expensive cities for solo renters:
Most Affordable Cities
- Hull: £8.85 per square metre
- Bradford: £9.17 per square metre
- Stoke-on-Trent: £9.57 per square metre
- Liverpool: £9.67 per square metre
- Wolverhampton: £9.83 per square metre
Most Expensive Cities
- London: £23.39 per square metre
- Bristol: £19.28 per square metre
- Brighton and Hove: £19.19 per square metre
The Verdict
The North is offering a significantly cheaper option for solo renters, making it a tempting spot for landlords and investors. However, the demand for solo living in the South is high, potentially attracting higher rents. But don’t forget, the cost of living in the South is also much higher, so you need to factor in that expense.
Ultimately, the decision of where to invest comes down to your own budget and risk tolerance. Do your research, understand the local market, and make informed decisions. Solo living is definitely on the rise, but it’s up to you to decide if it’s the right investment for you.