If you're moving to London, you're probably preparing your planned monthly budget. One of the biggest expenses you'll encounter will be the rent, as the real estate market in London might get a bit costly...
Similar to other major cities, the more central parts of London are usually the more sought after and the more expensive ones. The more popular areas that expats reside in are Chelsea, Knightsbridge, and Notting Hill, for their prime location within the city borders, as well as Richmond, Wandsworth, and Hampstead, notable for their fine schools and many green parks, making them a more desired location by those relocating with their family.
The types of properties available vary between flats, which are more common inside London, detached houses, which are mostly found outside of the city centre, and Mansion blocks, which are huge developments of several condos.
What's important to remember is that the real estate market in London is a fast market, and a "Landlord's market", meaning that there's not much room to negotiate the rent price, as the good flats or houses are rented very quickly, so if you see a place you like within your budget, you should be ready to make a decision and secure the property, cause by the time you checkout other places, most likely it will be rented by someone else. Usually, tenants decide on which flat to secure within 1 or 2 days of searching around.
How to secure a flat in London?
In most cases, in order to secure a flat, you'll need to put down a "holding deposit" (usually one week's rent), which will allow you for a fix time frame to close the paperwork and sign the rental agreement. It is quite common in London to rent via an agency, you should take into consideration though that the agencies don't tend to share their properties with other real estate agencies, so best to schedule meetings with several realtors.
The agency fee varies around £150, and depends on the required services it provides, additional services will cost additional fees. Those may include fees for preparing an inventory list of the property, tenancy renewal fees, due diligence check to check all previous bills for the property were paid, etc.
What's the average rent price?
The living costs in London are quite expensive, so many opt to shared accommodation in order to save some money while not compromising on finding a housing solution in the more sought after locations. You should expect a monthly average rent for a one bedroom flat in London (East, West, South, and North London) to be between £650-£800, while a room in a shared flat in these areas will be approximately half of that.
Though these prices seem high to some, you should not let that deter you, as the experiences and friends you'll gain during your expat program in London, or across the UK, will benefit you with an Immeasurable added value. All you need to do is to make sure you have your financial budget planned correctly, and take the first step in your new exciting adventure of living and working in London.
