We can all agree that London property prices are very expensive. Now you can see how silly prices are in a graphical form!
The map below shows the average weekly rental price for a one-bedroom property. To create the map we used all the one-bedroom properties we had listed on Find Properly on the 17th July 2013 – 50 679 to be exact.
From the map it would appear that you should be prepared to spend £400+ a week if you want to live in Central London (fun fact – you’ll need to be earning around £51 000 to afford this). However, there are some things to keep in mind:
- Look south of the river for cheaper areas – especially Southwark, Lambeth or Elephant & Castle (listed in descending price order). If you go too far south though, you’ll fall off the tube network, making it much harder to get around. Find Properly can help keep your commute manageable.
- It is possible to find cheap properties in expensive areas. They just may not be very nice. Or they may be on a slightly dodgy road.
- Sharing a larger property will save you money. One bedroom flats are the most expensive property on a “price per room” basis. Get a group together and share a larger property (obligatory sales-pitch: set up a shared property list on Find Properly to make searching with friends stress-free).
Best of luck in your house-hunting!