SHARE

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
1 Bexley 1004
2 Sutton 1056
3 Havering 1072
4 Croydon 1125
5 Bromley 1169
6 Hillingdon 1192
7 Barking and Dagenham 1203
8 Lewisham 1232
9 Redbridge 1249
10 Enfield 1252
11 Waltham Forest 1255
12 Kingston upon Thames 1280
13 Greenwich 1308
14 Harrow 1324
15 Hounslow 1393
16 Haringey 1398
17 Brent 1442
18 Ealing 1461
19 Merton 1475
20 Newham 1476
21 Barnet 1481
22 Richmond upon Thames 1575
23 Lambeth 1652
24 Southwark 1690
25 Wandsworth 1721
26 Hackney 1728
27 Tower Hamlets 1734
28 Islington 1839
29 Hammersmith and Fulham 1886
30 City of London 2074
31 Camden 2219
32 Westminster 2891
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.

NO COMMENTS