Subscribe to our monthly newsletter

Get the knowledge and inspiration you need to help you build
a profitable portfolio - straight to your inbox!

Residential buy-to-Let

Renting in London isn’t as much of a rip off, is it?

Author: Luke





We have all moaned about the cost of living in London at least once in our lives. The phrase “rip off London” rolls off our lips without us giving a second thought to it. Whether it be rising tube or taxi fares, or the cost of renting if it takes a chunk out of our pay packet each month, we will find a way to moan about it. However, could we have this all wrong? Are we just succumbing to media hype? Could it be that another city, that’s NOT London actually holds the crown for most expensive place to live? Let’s find out more from Belgravia estate agents, Best Gapp…

You may be surprised to hear that rents in San Francisco are just as barmy as London, if not more so. Recently, one enterprising young lad rented out a tent in his parents back garden for the princely sum of £600 per month. What started off as a joke, has seen much interest from those needing a place to crash in Silicon Valley, a highly sought-after part of San Francisco and a leading hub for high-growth tech enterprises. The advertisement originally proposed a $20 (£12.80) fee per night to stay in the four- person tent but with increasing interest, the price rocketed to $46 (£29.44) per night with a discount for long-term stays. With rents as high as $2,800 (£1791.94) for a two-bedroom apartment per month, and $2000 or £1279.96 for a one-bed; it is easy to see how those in need of temporary accommodation could be drawn to such an ad while being on the lookout for more traditional lodgings.

That aside, London is still top of the list, coming in first place, with the average rent in Greater London for a two bedroom flat standing at £2,216. Compare this to the rest of the country where rents are around £667 per month, and you can start to see why there are so many complaints. A recent report by another estate agents found that London remains in the top spot even without taking into account expenses such as food or travel. But it is not all bad news: in another survey conducted by the Economist Intelligence unit, it was discovered when it comes to spending money on the things we love such as cars, food and meals out, London only came in sixth place. The current holders of this crown belong to Tokyo which has held on to the top spot for a while now.

Despite this, London is still a great place to live and work. With so much opportunity around every corner, it’s no wonder so many people choose to live in the capital and make it their home. You are almost guaranteed a return on any property investment and wages are higher than in any other part of the country. There are so many attractions and beautiful night spots that keep people coming back for more, regardless of the cost; which just must mean that London truly is one of the greatest cities in the world.

You may also like: