January a key period in the rental market

January is a peak period for the rental market as many young professionals are moving to the capital to start new jobs.

Thousands of young professionals move to London as they begin new roles with new employers, during this period competition for the best homes increases. Consequently, many young professionals are now opting to share their home with friends or colleagues in a bid to keep their costs down.

For a lot of young professionals starting out their careers in London, house-sharing can be a very sensible choice. Being able to share thecosts of food, bills and even internet coverage means that costs can be kept down – a vital consideration for most young people.

Stephen Ludlow, Chairman at ludlowthompson, says: "London is the economic centre of the UK and a great place to be for young people starting out their careers. House-sharing with friends and colleagues can be a great option for young people who aren’t yet ready to take the financial step of renting by alone."

Tips for renters considering flat or house sharing

• The best option is for all tenants to be named on the tenancy agreement, but don't forget that this creates legal obligations for everyone to share.
• Make sure that the deposit for the property is registered in one of the official deposit protection schemes.
• To avoid falling out over money, agree in advance how any bills or rent will be split if someone decides to leave.

If someone does leave, it is important to inform the landlord or their agent so the tenancy can be updated.