Can I afford to live in London or is it not to be? That is the question. Whether you are from the capital or if you are looking to move there, affordability will play a major part in your decision. Young people on average salaries or junior wages are likely to struggle. Property in London, whether you are looking to rent or buy, can be eye wateringly expensive. Yet, people desperate to live in London will settle for poor conditions for crazy prices. Desperation can do funny things.
Do a little research online and you could well discover that a 5 bedroom detached home with land outside London costs the same as a one bedroom flat in London. That is quite astonishing and could well give you a quick, definitive answer to your question, can I afford to live in London?
Those looking for rental or purchase opportunities are being priced out or pushed out of living in London. There are ‘ghost buildings’ – properties that investors, usually from overseas, have bought but don’t live in – all over London. There are foreign students from rich backgrounds willingly paying extortionate rentals rates, thus pushing rents sky high. Can I afford to live in London? There are plenty of barriers in your way.
If you are Londoner and have family roots in the capital, then it is more likely that you can afford to live there. The question, can I afford to live in London, is much easier to answer in the affirmative if your family has been settled there for a long time. A young couple who bought a family home in Primrose Hill in the 60s for a couple of thousand pounds, could now be sitting on millions. So yes, they can afford to live in London.
There are thousands of young people who want to live in London because they work there. They want the ‘London experience’. But that experience can send you spiralling into debt and depression if things don’t work out as you hope. Planning is essential. Being realistic is vital. When asking yourself ‘how can I afford to live in London?’ make sure you find a constructive, affordable, practical answer.
A house share is an affordable way to live in London. There are many couples living in shared accommodation in the capital and split rents make this a more affordable solution. But you can’t live like this forever, especially if marriage and children are in your plans.
So if you answer to the question can I afford to live in London, is a no, where can you afford? The below list from the Daily Telegraph shows the top ten affordable rental London boroughs and the average monthly rent:
1. Bexley – £1,007
2. Havering – £1,083
3. Barking & Dagenham – £1162
4. Sutton – £1166
5. Bromley – £1271
6. Enfield – £1285
7. Redbridge – £1293
8. Croydon – £1309
9. Waltham Forest – £1309
10. Hillingdon – £1311
Find out more about these figures here
Inspired Homes have developments in two of the places on this list – Croydon & Sutton. Get in touch with us to find out more about rental and first time buyer opportunities.