Rent in London is now so cheap...

[WestCoast]

Doesn't council tax still vary quite considerably in London between the boroughs and is a factor in living costs? I've friends in Clapham and they tell me there's a big difference between the rates in Lambeth and Wandsworth.

 

[GB]

...especially when compared to property prices.

Most people seem to think London is too expensive, but that is only because they look at the property prices. Looking at Rightmove, 1 bed flats in the best places for transport, for example Stratford and Surbiton, can now be had for around £1,200 per month. There's no point nowadays commuting from places like Basingstoke or Reading to save on rent as you will only be saving about £100-£200 per month. Even Bristol can be £800-£900 per month.

£1200 pcm is not cheap...it is certainly not "so cheap". Comparing renting and owning is like comparing apples and oranges.

 

[radamfi]

Who would have predicted that rents would have gone up so little over the last 20 years given such a huge increase in population! Are there people on here who have sold their property in London to rent instead?

 

[route101]

Expensive if on min wage. I have discounted applying for jobs in London because of high rents.

 

[BluePenguin]

£1200 per month still isn't cheap for a 1 bed flat unless you measure specifically by London standards.

I agree, you would never ever expect to pay that around here!

 

[route101]

How far out does it become cheaper?

Ive been looking at jobs in the SouthEast or South coast, still expensive?

 

[najaB]

How far out does it become cheaper?

Preston?

 

[BluePenguin]

How far out does it become cheaper?

Ive been looking at jobs in the SouthEast or South coast, still expensive?

Anywhere 60+ miles out of central London with trains that take at least 1 hour. I live on the South East coast

 

[telstarbox]

People will pay a premium for any of - good trains to London, good schools, local countryside/coast or general "niceness" of a town. That applies to most - but not all places in the wider South East.

 

[cactustwirly]

How far out does it become cheaper?

Ive been looking at jobs in the SouthEast or South coast, still expensive?

Bracknell is roughly £800 pcm for a studio flat

 

[johntea]

How much is somewhere in say Stevenage? When I used to go to London a lot I could consistently book into Premier Inn/Ibis in Stevenage for a max £50/night (often even cheaper than that!) which was much more attractive than Central London hotel prices and just 20 minutes or so to/from Kings Cross with services running until around 2am to get back

Granted you would have to take a season ticket into account, £4k / £5.4K Z1-6

My friend got a job in Surbiton many years ago, they shared a flat with a friend and it was something ridiculous like £1400 / month, stayed over a few times and you certainly don't get a lot for your money! The friend sacked it off after a few months and then my friend didn't last much longer as it was impossible to maintain payments on that alone (plus I think they quickly grew bored of 'London life')

I live in Yorkshire and over the years working in IT have grown my salary to £39K, which will grow to £44.5K...doesn't include any management responsbility either (1 in 7 on call is part of it, but compensated for), I've looked at comparable London based roles in the past and they certainly wouldn't even touch the sides of the increased living costs

 

[WestCoast]

Bracknell is roughly £800 pcm for a studio flat

There's some awful studios that seem to have become common; literally a bed, shower cabin and a kitchenette. It might be preferable to a flat share but tiny flats are no fun at all right now.

 

[Morgsie]

I am currently looking into studying a PGCE at either UCL (University College Londoon) or Kingston which involves me relocating from North Staffordshire to London. Not only there are costs related to moving but Student Finance as in Student Loans etc will only cover rental costs as rent is over £1k. I would be left with nothing for food, other bills and travel costs as I would have to travel from where I live to University or a school. Rent is not cheap in London and the costs deters me from applying not just courses but London based jobs too. There is also the benfits impact as I am currently getting Income Related ESA and if I did get a London job or a place on a course in London I would lose my benfits.

 

[DB]

I am currently looking into studying a PGCE at either UCL (University College Londoon) or Kingston which involves me relocating from North Staffordshire to London. Not only there are costs related to moving but Student Finance as in Student Loans etc will only cover rental costs as rent is over £1k. I would be left with nothing for food, other bills and travel costs as I would have to travel from where I live to University or a school. Rent is not cheap in London and the costs deters me from applying not just courses but London based jobs too. There is also the benfits impact as I am currently getting Income Related ESA and if I did get a London job or a place on a course in London I would lose my benfits.

Sounds like you'd be better off looking at courses elsewhere in the country.

 

[Mojo]

Who would have predicted that rents would have gone up so little over the last 20 years given such a huge increase in population! Are there people on here who have sold their property in London to rent instead?

I think the problem with doing that is that with the current set up of social housing etc, renting is very short term. My neighbour is renting and his rent is about 80% of what we're paying on our fixed-rate mortgage. Hopefully by the time I have retired my mortgage will have been paid off meaning that my accommodation costs will be reduced significantly, although my income will also have reduced substantially; if you're paying rent then its forever (again notwithstanding being able to move into social housing/claim extra benefits etc).

I am currently looking into studying a PGCE at either UCL (University College Londoon) or Kingston which involves me relocating from North Staffordshire to London. Not only there are costs related to moving but Student Finance as in Student Loans etc will only cover rental costs as rent is over £1k. I would be left with nothing for food, other bills and travel costs as I would have to travel from where I live to University or a school. Rent is not cheap in London and the costs deters me from applying not just courses but London based jobs too. There is also the benfits impact as I am currently getting Income Related ESA and if I did get a London job or a place on a course in London I would lose my benfits.

Surely if you are a student then you would be most likely be looking at a houseshare or living in a HMO to make your living costs more affordable; unless you are wealthy enough to afford the costs.

 

[DB]

I think the problem with doing that is that with the current set up of social housing etc, renting is very short term. My neighbour is renting and his rent is about 80% of what we're paying on our fixed-rate mortgage. Hopefully by the time I have retired my mortgage will have been paid off meaning that my accommodation costs will be reduced significantly, although my income will also have reduced substantially; if you're paying rent then its forever (again notwithstanding being able to move into social housing/claim extra benefits etc).

Indeed. And the renting regime in this country is inherently lacking in security for the tenant - assured shorthold tenancies are rarely for more than a year (sometimes less), and at that point the tenant can be kicked out with two months' notice. Other countries where they have a lot of renting, such as Germany, have much better systems.

 

[radamfi]

I think the problem with doing that is that with the current set up of social housing etc, renting is very short term. My neighbour is renting and his rent is about 80% of what we're paying on our fixed-rate mortgage. Hopefully by the time I have retired my mortgage will have been paid off meaning that my accommodation costs will be reduced significantly, although my income will also have reduced substantially; if you're paying rent then its forever (again notwithstanding being able to move into social housing/claim extra benefits etc).

The idea wouldn't be to rent forever. You buy once prices have dropped, or alternatively you move somewhere else where prices are more realistic. In other parts of the country, landlord yields are far better, meaning that it makes sense to buy in those areas instead of renting. By contrast, London is a renters market currently. Buying in London at current price levels is hugely risky. An 80s style crash would mean losing £100,000s even on modest sized properties. You had better hope you don't lose your job in those circumstances.

 

[Andrew S]

Surely if you are a student then you would be most likely be looking at a houseshare or living in a HMO to make your living costs more affordable; unless you are wealthy enough to afford the costs.

I think that assumes that the poster is young with no other commitments, and willing to live in shared accommodation for the duration of the course. I've considered doing a PGCE course, possibly relocating if necessary. However, being in my 40s I'm not willing to go into house sharing or student halls.

 

[BluePenguin]

I think the problem with doing that is that with the current set up of social housing etc, renting is very short term. My neighbour is renting and his rent is about 80% of what we're paying on our fixed-rate mortgage. Hopefully by the time I have retired my mortgage will have been paid off meaning that my accommodation costs will be reduced significantly, although my income will also have reduced substantially; if you're paying rent then its forever (again notwithstanding being able to move into social housing/claim extra benefits etc).


Surely if you are a student then you would be most likely be looking at a houseshare or living in a HMO to make your living costs more affordable; unless you are wealthy enough to afford the costs.

Or what is wrong with the halls even?

There are a lot of private student housing companies that do affordable flats. I stayed in one in my final year. Some of them are very reasonable. University halls are cheaper of course but don’t come with as many benefits.

The gym, cinema room, study areas, co-working equipment, classes and social areas are things you don’t have when privately renting a house

Paying £3,000 - £5,000 a year for accommodation is the norm for a student. Of course it is very rare to find anything for that price in the private rental market - nearly impossible in London!

 

[Morgsie]

I have looked at applying for Lonon based jobs not just looking at studying a PGCE in particular working in Westminster for a MP or a Political Party. Even thought of applying for the Civil Seervice Fast Stream. One thing in common, costs of moving and living costs in particular high rent bills, I cannot afford to move and cannot afford a deposit in London. Private renting is not secure as someone mentioned Assured Shorthold Tenancy Agreemnts and Section 21 Eviction notice. I do not know what the social housing in London like, think high deman not may properties. The reason why I mention Social Housing is I live in 1 bed Housing Association flat. In addition to ESA I am also in reciept of PIP and Housing Benefit, HB is paid straight to my Housing Association. I am in my mid-30s and has mental health issues and Autism Spectrum Disorder/Condition so I would prefer to live alone.

 

[Andrew S]

Social housing in London is in high demand. For most authorities you have to already be resident in the borough or have another "local connection" which usually means work or family, in order to register. Once registered you can wait a long time, often years.