Renting in London can feel counter-productive. As home prices keep going up, you keep asking yourself if this is the year you should get on the property ladder?
With the business opportunities, the culture, and the lifestyle the city offers, though, we keep coming back for more. Fortunately, and perhaps somewhat surprisingly, London is actually the friendliest city to renters in the UK. Recent numbers showed that after seven years, a typical London renter is £82,412 better off than a buyer of an equivalent property who puts down a ten per cent deposit. The figures, from property giant Zoopla, estimate that it would take eighteen years for the London buyer who paid a ten per cent deposit to be financially better off than the equivalent renter. Here are three locations of varying monthly rates to help you find out how far your income would stretch.
Located south of the city centre, Battersea has become even more of a hot location since the development of the Power Station were announced. It was always seen as a hidden gem to those in the know, for young professionals and families alike. The first homes from the £6bn redevelopment project are set to be ready in 2016 and as commercial businesses and retail opportunities expand in the area, you can expect to see the average rent prices rise. Right now, though, a one-bedroom flat should be attainable for around £1,000 per month, while renting a three-bedroom home is also possible for around £2,000 per month.
Twickenham, ten miles southwest of the centre of London, has a long history dating back to pre-Norman times. There’s a varied mixture in its property, with the bulk of the housing either older semi-detached homes or new flats and apartments. One-bedroom flats are generally available for around £1,250 per month, while two-to-three room properties will see you edge closer to £2,000 per month mark.
Richmond is a more affluent suburb in the southwest, around twenty minutes from central London, sitting on the meander of the River Thames. What makes Richmond stand out is the large number of parks and open spaces surrounding the area. This makes it a great option if you’re thinking of raising a family. If you’re looking for something for yourself, though, a one bedroom flat can be had for around £1,500 per month from local estate agent Featherstone Leigh’s website. If you’re in need of more space, a two-three bedroom flat or a home of a similar size would mean you’d likely pay around £2,500 per month.
If you do decide to stay in London, though, there’s no better place than by the River Thames. More and more people are leaving the East End for a place next to one of the capital’s most famous features.