According to Hamptons, London’s average household spends GBP23380 per year on rent and almost GBP3,000 annually on bills. After taking in household bills, nearly half of a renter’s income goes on basic living expenses. This is before food and transportation are even considered. These numbers will increase as the cost-of-living crisis worsens. Millions are facing increases in their broadband, energy, and council tax bills. London rents are on the rise. They increased by 5.8% last year and will rise by an additional 1% in 2022. Aneisha Beeveridge, Hamptons’ head of research, said that rent and bills are the most common items to be paid first. Any money left over can be saved or used for other purposes. “With more income tied up for essentials, it’s likely discretionary spending will fall later in the year which is bad news to the wider economy. Hamptons’ research on Homes & Property found that the average rent for a flat is GBP1,650pcm. This figure is not representative of the wide range of London rents. Even though it is possible to save hundreds of dollars per year within the same Tube area, tenants may need to compromise and move from east to west or south London. Another option is to move within the same area, but in a different zone. Renters could save thousands by moving to London. Due to low supply and increased demand, many renters have had to move to new areas where there is less competition. Renters could save thousands by making London moves. Renters who want to remain in central London, but are not interested in median rents of GBP3,960pcm at Kensington and Chelsea, GBP3,870pcm at Westminster, or GBP2,760pcm at the City, could choose to move to Southwark and Islington where monthly rents fall to GBP2,080pcm or GBP2,050, respectively. This could save you nearly GBP23,000. Hackney is the hipster’s favorite spot, but its average monthly rents are GBP2,130pcm. Moving to Waltham Forest will save you an average of GBP700 per month. Renting a Richmond-upon-Thames property with two bedrooms would cost GBP1,840 per month in west London. Renting a two-bedroom property in Richmond-upon-Thames would typically cost GBP1,840pcm. This is a savings of GBP330pcm. There are many young families and professionals moving to the area, and there is intense competition for property. “Lots are being rented out the day they go on the market, while others are getting multiple offers. Kingston is more affordable and offers many benefits. You can reach Central London in half an hour by train. There is also plenty of open space. READ MORELiving in London: Tenants’ return has sparked a ‘conveyor belt’ viewing and rent increases amid a drop in supply. House sharing in London: The cost of renting a room in each borough revealedComment : We find that Kingston shopping centre is a major draw for tenants. For those with children, Tiffin Girls School and Kingston Academy offer some the best education in the country. The edges of London are where you will find the cheapest options. The cheapest option is Havering, where the average rent for a flat is GBP1,170 per month. Typical flats in Bexley, Hillingdon and Barking and Dagenham are all just above GBP1,200.What it costs to rent a flat (pcm) in every London boroughKensington & ChelseaGBP3,960WestminsterGBP3,870City of LondonGBP2,760CamdenGBP2,620Hammersmith & FulhamGBP2,610WansworthGBP2,360Tower HamletsGBP2,280HackneyGBP2,130SouthwarkGBP2,080IslingtonGBP2,050LambethGBP2,030Richmond upon ThamesGBP1,840HounslowGBP1,720NewhamGBP1,710SuttonGBP1,700GreenwichGBP1,650BrentGBP1,600MertonGBP1,590EalingGBP1,580BarnetGBP1,530HaringeyGBP1,520Kingston upon ThamesGBP1,510LewishamGBP1,440Waltham ForestGBP1,430BromleyGBP1,340EnfieldGBP1,340HarrowGBP1,320CroydonGBP1,280RedbridgeGBP1,280Barking and DagenhamGBP1,220HillingdonGBP1,210BexleyGBP1,200HaveringGBP1,170Source: Hamptons
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