Rent to Beat the Credit Crunch, says RoomBuddies.com

Growing numbers of people are looking to rent or let out a room as the credit crunch really starts to bite, according to leading UK house share website RoomBuddies.com.

Thousands of new people have already registered their profile on the site so far this month in hope of finding somewhere to live and someone to share the rent and other bills.

With the housing market in freefall and few good mortgage deals about, there has never been a better time to rent or let out a property.

The current economic crisis has resulted in an increasing number of rental properties on the market, with people who are unable to sell their homes letting them out instead.

Letting out a property or even just a spare room in the house is also proving to be a popular way of earning extra income for people who are feeling the pinch. Householders are allowed to earn up to GBP4,250 in rental income every year, tax-free under the Rent a Room scheme, a government initiative that has been set up to encourage people to have lodgers.

Experts at RoomBuddies.com believe people have realised that renting instead of buying could be the key to riding out the storm. Better still, a flat or house share also helps people to keep their accommodation expenses to the minimum at a time when the cost of living is rising steeply.

It’s not just rent – take into account sharing bills such as council tax, phone and utility bills and the savings could be massive, particularly in large cities like London, Manchester, Leeds and Liverpool, where rent and living costs are usually higher than elsewhere.

The typical flat sharer is aged 18 to 35, but people are more likely to stay in shared accommodation for longer as mortgages become harder to obtain.

RoomBuddies.com offers an innovative house share service that puts landlords and would-be flatmates in touch. It’s open to everyone, whether they are owners with a property to let, students looking for a cheap room or couples or people on their own who want to share a bigger property with others.

People can register on the site for free and post photographs and a personal profile about themselves, who they’re looking for and the type of accommodation they want.

Landlords can also advertise their properties free of charge and the website currently features thousands of rooms to rent throughout the UK, as well as the profiles of people who are looking for a roommate.

Once registered, RoomBuddies.com users simply log on to search for the property that meets their needs in the town or city of their choice, then they can browse rooms using an interactive map. Members can also sign up to receive email alerts when a new profile is posted that matches their needs or a suitable roommate signs up.

http://www.RoomBuddies.com is packed with handy tips, as well as advice for prospective landlords and house or flat mates about their rights and responsibilities and what the law says about letting. To find out more, visit http://www.roombuddies.com.