Barclays has issued a cautionary message aimed at renters, highlighting the risk of losing an average of £553 from their bank accounts due to unpaid bills, communal costs, and damages caused by housemates. Despite the widespread frustrations, few renters acknowledge their own responsibility in these issues.
A recent survey reveals that 64% of house-sharers have experienced financial loss because of ‘horror housemates’ who fail to pay their share. On average, these losses amount to £553.20 annually for each person sharing a home.
In response to this, Barclays has launched a campaign to help renters transition to homeownership, spotlighting initiatives like Mortgage Boost that support first-time buyers.
READ MORE: How to Qualify for Winter Fuel Payments If You Earn Over £35,000
READ MORE: Tesco Trials New Checkout Scales, Forcing Return to Manned Tills Amid Shopper Frustration
Dr Becky Spelman, Psychologist and Founder of Private Therapy Clinic, explains, “Sharing a home can challenge even the closest friendships. Different routines and emotional needs often clash, making small issues feel personal. The key to overcoming these challenges is open and respectful communication, not silence or resentment. Although living with others can be intense, it fosters patience, empathy, and boundary-setting. Wanting your own space is a normal part of adult growth and doesn’t mean you value your friends any less.”
Jatin Patel, Head of Mortgages, Savings and Insurance at Barclays, adds, “House-sharing is a common experience for many young adults, but the reality of managing bills and covering unexpected costs is prompting renters to think more seriously about their financial future. Many aspire to own their own home but struggle with saving for a deposit. Barclays Mortgage Boost helps bridge this gap, turning the dream of homeownership into an achievable plan.”