Proof, if proof was ever needed, that rents in London are the most expensive in the UK has been underlined with a survey.
A self-storage company has analysed the average rent for properties around the country and revealed the shocking difference between what landlords are charging in the North and South of England.
The company, StoreFirst, found that for £800 – or less – a month, a Londoner would be able to afford a single bedroom in a flatshare in Whitechapel.
However, for the same amount of rent, they could pay for a three-bedroom house in Manchester.
The survey has found that the average rent in the UK, excluding London, is now £740 a month, a rise of 5.5% on the figure being charged last January of £702 per month.
For those in the capital, the average London rent price being charged is £1,510 per month – that’s more than double the UK average rent.
Discrepancies for London’s tenants
However, there are discrepancies for London’s tenants, with those renting in Havering enjoying the lowest rent of £1,161. The most expensive borough in London for rent is Kensington and Chelsea, where tenants are paying £2,720 a month.
The issue of high rents is not just restricted to London since the average rent being charged in the South East is £933.
However, to put these figures into context, tenants in Birmingham can afford a furnished two-bedroom terraced house for £800 a month or for £725 a month, they can get a two-bed apartment with parking.
For tenants in Bristol, a two-bed flat will cost them £750 a month, while in Liverpool tenants are paying £725 a month for a two-bedroom duplex apartment – renters there can also afford a four-bed terraced home with a garden for the same amount.
Renters are getting less space for their money.
A spokesman for the firm said: “It’s clear that renters are getting less space for their money, and despite government schemes to help people buy, many are not financially ready yet to become homeowners though property prices are, on average, more than eight times the average wage so it is not difficult to see why.”
He added that because people increasingly do not have a spare room to keep their possessions in they are looking to put them into storage as a ‘cost-effective solution’.
To underline just how expensive London rents are, bike maker Brompton Bicycle has worked out how much it costs cyclists in the capital to keep their bikes at home.
The average monthly amount for housing a full-size bike in a hallway or on a balcony is £37.05.
The firm analysed rents being paid in Hammersmith and Fulham to come up with their figure, and they also worked out the value of the space necessary for storing the bike is worth £14,316 of the area’s average property value.
However, when they looked at other areas, the most expensive place to store a bike is in Covent Garden at £111, closely followed by Westminster at £106. The cheapest areas for accommodating a bike are Abbey Wood at £22 and Thamesmead at £23.60.
Find Properties to Rent in London and the Surrounding Area:
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How do London Rental Costs Australia, USA, Europe, and Asia
Finding affordable and suitable housing is a common concern for individuals and families worldwide. Rental costs vary significantly across different regions, and it is crucial to understand the differences in pricing structures. By examining these regions, we can gain valuable insights into the current trends and challenges associated with housing affordability in different parts of the world.
1. Australia:
Known for its high standard of living, Australia offers a diverse range of housing options. However, the average rent in Australia can be relatively high, particularly in major cities like Sydney and Melbourne. According to recent data, the average monthly rent for a one-bedroom apartment in these cities can range from AUD 2,000 to AUD 3,000. However, rental prices vary across regions, with smaller cities or rural areas often offering more affordable options.
2. United States:
The United States is a vast country with significant variations in rental costs depending on the region. Cities like New York, San Francisco, and Los Angeles tend to have higher rental prices, while smaller cities and rural areas offer more affordable options. Generally, the average monthly rent for a one-bedroom apartment in significant cities ranges from $1,500 to $3,000. However, it’s important to note that rental prices can fluctuate significantly between states and neighbourhoods within the same city.
3. Europe:
Europe’s rental market is diverse, with price variations and regulations across different countries. In Western Europe, cities like London, Paris, and Zurich are known for their high rental costs. For example, the average monthly rent for a one-bedroom apartment in London can exceed £2,000. On the other hand, Eastern European countries generally offer more affordable options. For instance, in cities like Warsaw or Budapest, the average monthly rent for a one-bedroom apartment can be around €500 to €800.
4. Asia:
Asia’s rental market showcases a wide range of options and prices. In countries like Japan, South Korea, and Singapore, major cities tend to have higher rental costs. For example, in Tokyo, the average monthly rent for a one-bedroom apartment can range from ¥100,000 to ¥200,000. In contrast, countries such as Thailand, Indonesia, or Vietnam offer more affordable rental options, ranging from $300 to $800 for a one-bedroom apartment in major cities.
Housing rental costs vary significantly across Australia, the United States, Europe, and Asia. While major cities often have higher rental prices, affordability can be found in smaller cities or rural areas within these regions. When evaluating housing rental costs worldwide, it’s essential to consider factors such as local economies, living standards, and demand-supply dynamics. Ultimately, conducting thorough research and understanding the local market conditions will help individuals make informed decisions when seeking affordable and suitable rental accommodations.
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