Did you know that only London’s highest earners can now affordably rent in the capital?!
According to the Office of National Statistics (ONS) only the top 25% of London professionals were able to affordably rent in London last year. Plus, in the city, 38% of an average household’s income would be needed to pay the average rent. This doesn’t leave much for the expensive ‘essentials’ of living in the city, even going out to eat can cost a small fortune. With rents in London skyrocketing, it is more expensive than it has ever been to live in London!
But this doesn’t mean you can’t live in the capital! However, it probably does mean you will have to make some decisions...
House shares
Is a house share for you? These can save you money by just paying for a room rather than an entire house yourself. Also, if you’re new to the city it’s a great way to make friends. But, it can have its downsides: someone in the shower delaying you getting ready for work, piles of dishes on the side and parties or gatherings when you don’t expect them. Still, if you’re a social person they can be a lot of fun!
Area
The most expensive area to rent in London is the centre, followed by the West. Branching out to areas like Clapham, Brixton or Hackney is more affordable than these more central locations. Each area has its own personality, different things to do and places to see. So, finding somewhere that suits you and is in the right price range is key.
Living further afield
Linked to the point above, moving to the outskirts of London could save you a fortune. These locations don’t necessarily mean having a gigantic commute to the centre. Places like Enfield, Croydon or Twickenham still have great transport links without having such a large price tag.
Getting a guarantor
If you’ve found your dream home, but it’s expensive, asking someone to be your guarantor could help. This person or organisation can vouch for you and back you up if necessary.
