Living in London means that you have a magnitude of culture and entertainment on your doorstep, but is it just too expensive for today tenants and buyers? From the Tate Modern to the thousands of bars and places to eat, London is a desirable place to live but also the 15th most expensive city in the world to live in, and the price of living has just gone up again.
HomeLet have found that it is 9.4% more expensive to live in London then last year which is a huge rise, however, it does reflect tenants wage increases and personal wealth. They studied the North and South divide to compare market prices.
We’ve collected the best methods from others’ experiences and surveys to get more for your money when buying or renting a property in London and how to get by when you arrive in the city.
- Content Insurance
Although it may be an extra cost at the moment it can save you a fortune in the long run and you can shop around to find the best deal. You can never be too sure and if you’re valuables will be in kept in your home you need to be protected. If you are worried about the security risks of living in a big city then visit the area of a prospective property at night to gain an idea of the neighbourhood.
- Upcoming Areas
Just like everywhere else, there are always cheaper areas and some of these in London have a trendy young vibe with an easy commute to the centre. For example, Savills found that Queens Park is 64% cheaper than the rest of Westminster. It is worth familiarising yourself with these numbers when narrowing down your search and ask for recommended places from estate agents.
To keep within your budget there are things you can find online to help, for example, Groupon and Wowcher primarily have deals based in the capital city. With offers on beauty treatments, days out, restaurants, gym memberships and many more to help you stick to your budget.
Try walking wherever possible to save public transport costs and learn more about the city, and eating in as much as possible could say you a lot of money if you do it right.
- Find a Buddy
The more people you spread the costs between, the cheaper it will be. So if you’re planning on living in a big city, it is always a good option to move with people you know or to find a house share that you feel comfortable with. There are many people looking for lodgers in London to help make it more affordable for them as well. In the most ideal circumstances, you may find yourself living with someone local who may be able to offer advice on where to buy the cheapest breakfast or find the best deals on furniture.
Let us know how you manage to afford living in London and any recommendations you have to make the transition easier for others.