In a rush to find housemates, Londoners are ready to pay £7.50 for speed-dating

"I'm a software engineer," says Josephine Wright, cocktail in hand, as she introduces herself to another woman at a bar in west London. Just like the 70 other young women who have paid their £7.50 ($9.65) fee, she has just one aim: to find her ideal housemate.

It is a small price, they say, to fast-track a search process that can otherwise take months in a city plagued by high rents and scant choice. Losing no time, the women get down to question-and-answer sessions with prospective housemates about preferred neighbourhoods, professions, backgrounds and hobbies, trying to speak to as many people as possible in two hours.

Despite the time limit, the atmosphere is relaxed. Loud chatter and laughter is interspersed with the sound of cocktail shakers at work behind the bar. Wright, 25, lists her three preferred neighbourhoods, "Greenwich, Walthamstow and Lewisham", while another attendee stands next to a taped-up sign saying "East" for those looking to rent in east London.

Both wear blue wristbands to indicate that they are first looking to find flatmates, and then a place to live in. Fewer wear purple bracelets, for those who already have somewhere to rent and are on the hunt for people to move in.

"I think it's particularly unique in London that you have people in their 30s and 40s in house shares. I don't really think it's a situation people particularly want to be in, it's a situation which people just found themselves forced into," says Rachel Moore, co-founder of the event organiser Girlies Guide.

Many participants cannot afford to rent a flat in London on their own, even on seemingly comfortable budgets of up to £1,500 ($1,900) per month.

'New phenomenon' 

"If you want a nice flat by yourself, it's basically around like £1,500 to 1,800 or 2,000 per month," notes Ioanna, a 22-year-old intern from Greece.

In shared accommodation, renters can find a room for under £1,000. With London in the grip of spiralling rents, more and more young professionals have found themselves sticking to houseshares rather than branching out on their own.

"This is a new phenomenon," according to Antonio Mele, associate economics professor at the London School of Economics.

Higher interest rates have put pressure on landlords, prompting them to raise rents or even sell up. The result is fewer places to rent and higher prices. Britain's new Labour government has vowed to try to ease the crisis by relaxing planning restrictions to build more new homes. A shortage of suitable sites as well as potential opposition to development plans, however, mean that could take years to achieve. On average, renters spend between 35 and 40 percent of their income on rent, says Mele, who expects that proportion to rise over coming years.

London appeal 

Sharing the cost of a place to live has therefore become a necessity for many - although finding a good match is not easy.

"You send out lots of messages and you don't get lots of replies," says Megan Brewer, 35, who moved to London from Sydney.

Taking advantage of the situation, some unscrupulous landlords are turning living rooms into bedrooms or dividing rooms into two.

"What is advertised as a room might only be acceptable as a storage in other European countries," adds Mele. "You have no windows, only the bed fits in and they are advertised for crazy amounts of money."

Moore and co-founder Mia Gomes struggled with the rental market before launching their "speed dating" events for housemates.

"When we've gone to look at properties, the landlord will tell us, I've seen 30 other groups today, and the property's only been on the market for a day or two," says Gomes. "You end up getting into bidding wars for a property and end up paying way over what the property's even worth."

But for many, living in London with its thriving jobs market and cultural life is still worth it -- despite the difficulties. "I'll have to cut down on my savings. But I think that is a good trade-off", adds Wright, "I'm in my 20s. I want to live life, be out there."

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