The London property market is fierce, and competition for both renting and buying is always high. With the highest house prices in the UK, it’s certainly not simple to find a property that you both love and can afford.
In London, flats and apartments are very convenient. There is not a lot of space available in the city, especially in central London. It’s tough to find a large detached house, and usually, any of those houses you can find are incredibly expensive.
Flats are very popular in London and make good use of little space. Many Londoners have already opted to rent a more central flat instead of a house further out.
As you know, London is a vast area, and with that, you’ll find you’ll have a lot of different options. Prices will vary depending on the borough you decide on, and there are many different types of flats you need to think about.
To help you prepare for your search in London, here is some information about the costs you’ll expect when it comes to renting a flat. We’ve also put together a few tips that will make renting a flat a bit easier.
Due to the crazy house prices in London, renting is becoming the preferred way of accommodation. It’s estimated that the average deposit in London is a massive £80,000! Most people will not have this sitting in their savings, so they will have to rent to live in London.
Like everything else in London, rent is costly as well!
There are two main components to the cost of renting in London. The actual rent payment and the deposit.
The average cost of renting a one-bedroom flat in London is around £1100 per calendar month. This is much higher than the UK average, which is around £600. So renting a flat in London will be significantly more expensive than most other areas in the UK.
You’ll also need to ensure you’ve got your deposit covered when you start the renting process. The deposit for your flat we’ll be around 4 to 5 weeks’ worth of rent. So for a flat of £1100 per month, you’ll be looking at £1012 to £1266 for your deposit.
Don’t forget the deposit is only a one-time payment, unlike the rent. You don’t need to prepare to pay it every month or week.
When you start looking for flats, you’ll find lots of different types and lots of different areas in London to choose from. It’s vital that you know the different types of flats and who they fit best.
If you’re living individually or in a couple, it’s a good idea to look for studio flats. Studio flats only have one room in the house, but they can still provide you with a lovely home with lots of space. They are also usually cheaper than a traditional one-bedroom flat.
If you’re a family and you require more space, there are still 3 and 4 bedroom flats that you can find in London.
Penthouse flats are on the top of apartment buildings. They are usually much more luxurious and larger than other flats in the building. If you have a significantly larger budget and you’re looking for something a bit more special, penthouse flats could be right up your alley.
Of course, they are a lot more expensive too!
In the summer months, demand for housing is usually much higher. This is due mainly to families moving in the summer holidays as it’s less hassle and students who have just graduated looking for accommodation.
If you avoid these months, there will be less competition, and you might negotiate a lower price.
Make sure you know your exact budget and put that budget into the filters of property search websites.
This will mean all of the flats you go to look at, you’re sure is within your price range.
London is a huge city, and each borough is very different. Try and limit your search to two or three boroughs that are convenient for you.
If you pick out an area that you love, you’re more likely to love the flat.