diamond geezer

 Saturday, June 27, 2015

How expensive is it to rent in London.

Very, obviously. But how expensive, roughly? I've tried to numbercrunch, borough by borough, to find out.

Suppose you're on the average London salary - that's about £28000 at present.
Suppose you're willing to pay out up to a third of your salary every month.
And suppose you're looking for a property with an average (median) rent.

Here's a map showing how many people earning an average salary would need to club together to pay the rent.

To live in Westminster requires four of you to flatshare to make the property affordable. The remainder of a central island stretching from Islington down to Wandsworth requires three people on an average salary to share. If you're hoping to live as a couple, anywhere else in London will do. But if you're single, or just fancy living by yourself, then these average properties are no longer affordable.

Maybe you should lower your sights. Don't aim for an average property, go for a lower quartile rent instead, that's three quarters of the way down the housing stock. And then the map changes.

To rent a smaller property, Westminster no longer requires four salaries coming in but three. Almost the whole of the rest of London is affordable to couples, or to two people willing to share. But if you're single, or just fancy living by yourself, only Barking & Dagenham, Havering and Bexley are affordable.

If you're a singleton and willing to increase the proportion of your salary paid on rent, say to 40%, then more of Outer London opens up. Specifically that'd be Hillingdon to the west, Enfield to the north, Newham and Redbridge to the east, Greenwich, Lewisham and Bromley to the southeast and Croydon and Sutton to the south. But inner London is essentially off limits for solo tenants unless they're wealthier than average, or willing to fritter away more than half of their hard earned salary on rent.

We're not all fortunate enough to earn as much as the average salary. What if, instead, you're on the London Living Wage? This currently amounts to £9.15 an hour, and I'm assuming you work a 38 hour week. My final map shows how many London Living Wage earners it takes to share a lower quartile property, i.e. not a very big one.

No borough in London is affordable if you're on the London Living Wage and have only one income coming in. Pair up with someone else and most of Outer London is available, bar a few of the more affluent boroughs like Barnet and Richmond. But inner London is again a no-go zone unless there are three of you... and this in a property that's very likely to have fewer than three bedrooms. As for the West End, essentially the poor can bugger off, unless four or them of are willing to cram together.

Welcome to London 2015, an increasingly overcrowded over-expensive city with insufficient housing stock and relentlessly rising rents. And a city in which, unless you've gained a toehold on the property ladder, it's increasingly untenable to live alone. The queue for your bathroom can only lengthen.

<< click for Newer posts

click for Older Posts >>

click to return to the main page

...or read more in my monthly archives
Jan18  Feb18  Mar18  Apr18  May18  Jun18  Jul18
Jan17  Feb17  Mar17  Apr17  May17  Jun17  Jul17  Aug17  Sep17  Oct17  Nov17  Dec17
Jan16  Feb16  Mar16  Apr16  May16  Jun16  Jul16  Aug16  Sep16  Oct16  Nov16  Dec16
Jan15  Feb15  Mar15  Apr15  May15  Jun15  Jul15  Aug15  Sep15  Oct15  Nov15  Dec15
Jan14  Feb14  Mar14  Apr14  May14  Jun14  Jul14  Aug14  Sep14  Oct14  Nov14  Dec14
Jan13  Feb13  Mar13  Apr13  May13  Jun13  Jul13  Aug13  Sep13  Oct13  Nov13  Dec13
Jan12  Feb12  Mar12  Apr12  May12  Jun12  Jul12  Aug12  Sep12  Oct12  Nov12  Dec12
Jan11  Feb11  Mar11  Apr11  May11  Jun11  Jul11  Aug11  Sep11  Oct11  Nov11  Dec11
Jan10  Feb10  Mar10  Apr10  May10  Jun10  Jul10  Aug10  Sep10  Oct10  Nov10  Dec10 
Jan09  Feb09  Mar09  Apr09  May09  Jun09  Jul09  Aug09  Sep09  Oct09  Nov09  Dec09
Jan08  Feb08  Mar08  Apr08  May08  Jun08  Jul08  Aug08  Sep08  Oct08  Nov08  Dec08
Jan07  Feb07  Mar07  Apr07  May07  Jun07  Jul07  Aug07  Sep07  Oct07  Nov07  Dec07
Jan06  Feb06  Mar06  Apr06  May06  Jun06  Jul06  Aug06  Sep06  Oct06  Nov06  Dec06
Jan05  Feb05  Mar05  Apr05  May05  Jun05  Jul05  Aug05  Sep05  Oct05  Nov05  Dec05
Jan04  Feb04  Mar04  Apr04  May04  Jun04  Jul04  Aug04  Sep04  Oct04  Nov04  Dec04
Jan03  Feb03  Mar03  Apr03  May03  Jun03  Jul03  Aug03  Sep03  Oct03  Nov03  Dec03
 Jan02  Feb02  Mar02  Apr02  May02  Jun02  Jul02 Aug02  Sep02  Oct02  Nov02  Dec02 

eXTReMe Tracker
jack of diamonds
Life viewed from London E3

» email me
» follow me on twitter
» follow the blog on Twitter
» follow the blog on RSS

my flickr photostream