With the recent influx of collegiate graduates across UK moving into London this September, the issues with pricing of flats in London for rent has been in the spotlight more than ever, with the opportunity seeking graduates having to face the capital’s reportedly extortionate rent and living costs.
The UK think tank, Centre for Cities, published data in last 2016 regarding the costs graduates that were moving into the capital had to face. According to the data, 22% of graduates who had graduated managed to migrate and find work in the capital within six months of their graduate, which is a good number.
However, upon heading to the capital, most risk losing over 45% of their monthly salary, which amounts to about £1,972 after tax, to the costs of flats in London for rent, according to the most recent iteration of the Landbay Rental Index.
According to the index, graduates who were sharing a three-bedroom property spent 45% of their monthly pay, whilst those sharing two-bedroom abodes spent 49%, with young professionals living solo taking the brunt, with 75% of their salary spent strictly on rent.
A typical one-bedroom property will set someone back by, at least £1,445/month, with the UK monthly rent average for the same kind of property clocking in at £1,013. These prices are in spite of the recent year-on-year descent of rent pricing, the first in eight years.
However, for those who don’t want to spend so much on paying for their flats in London for rent, there are certain boroughs in the capital that feature lower renting costs, such as Bexley, which has an average of £1,004/month, a few pounds lower than the national average.
The rankings from Landbay are as follows:
|Ranking||London borough||Avg monthly rent|
|7||Barking and Dagenham||1203|
|12||Kingston upon Thames||1280|
|22||Richmond upon Thames||1575|
|29||Hammersmith and Fulham||1886|
|30||City of London||2074|
|33||Kensington and Chelsea||3042|
For those aiming for proximity to the capital and a postcode, Lewisham is a viable option, with averages at £1,232, ranking at 8th, being a convenient 15-minute train ride from the City.
Unsurprisingly, the upscale boroughs such as Kensington & Chelsea, Fulham & Hammersmith, Westminster, and Camden clock in with the highest average rent prices.