This article gives you some tips on how you can find cheap rent and easy save hundreds of pounds every year by carefully selecting the best affordable areas, the best time during the year to move and other factors affecting the rent. We will here take a closer look at these factors.
London is known as the most expensive city in Europe to rent. According to experts, the prices the next five years seems to continue to rise by 15% over this period. The main reasons are the falling supply of properties to rent due tax changes, with the withdrawal of tax breaks and the extra 3% on stamp duty on second homes. These factors have contributed to made buy-to-let properties less profitable. Also, more people are looking to rent, partly because they cannot afford to buy their own homes.
The asking rents in Central London have risen to an average £2,000 a month, which may be way above your budget. Despite this trend with higher rents, you can still find cheap rent in London with a good opportunity to save a lot of money every month. The rental costs in each location may vary due to several different factors like, the popularity, commuting times, access to amenities and safety.
By looking at 1 person per bedroom and the monthly rent, the most affordable areas in London are the following;
One of the cheapest place to live in London is Bexley. In Bexley, you will find several attractions like the Green Heritage Centre, Hall Place, Gardens and shopping centre. Bexley station is situated in Travelcard Zone 6 but only 14 miles from London Charing Cross station. If you are renting a single One- bedroom flat you may expect to pay £760 each month, but only £ 400 per room in a Four- Bedroom property. If you are a couple, it will be closer to ONLY £200 per person.
Croydon is conveniently located in South- London and close to Gatwick Airport and only 15-minute train ride to London Victoria. Croydon has a lot to offer from delicious street food at Boxpark, Croyden, shopping centres and family activities like bouncing on trampolines at Oxygen Free jumping. In Croydon you can expect to pay around £880 for a One- Bedroom flat, to no more than £ 510 for a room per person in a Four- bedroom house. If you are a couple it may only cost you £ 255 per person per month.
Enfield, in North – West London is also one of the cheapest places to rent in London. From Enfield, you will have excellent transport links and only 25 min. away from central London. In Enfield, you will find a lot of history, great restaurants and shops. In Enfield, you can expect to pay from £ 960 for One- bedroom and only £ 520 for a Four- bedroom per room per person. If you are a couple, you can even reduce the monthly rent up to 50%, which is only £260 per month.
By moving to Hillingdon, you will be located close to one of the busiest AirPort in the World, Heathrow, with excellent transport links to central London. Aside from Heathrow, Hillingdon is also a family borough with a large population of young people providing a selection of good schools and green areas. For a One- Bedroom flat you may expect to pay £960 per month but only £ 510 per person per room in a Four- bedroom house. If you are a couple, it will only be £255 per month per person.
If you prefer to live in Central London, Southwark may be the cheapest solution. In Southwark, you will have access to nearby pubs, restaurants, and entertainments like the famous Shakespeare Globe, the Royal National Theatre and Tate Modern Gallery. In Southwark, you may expect to pay £ 1,715 for a One- bedroom flat. However, by renting a room on a Four- bedroom flat you may expect to pay £900 per person per month. If you are a couple it may be up to 50% less, £ 450 per person per month.
Other factors affecting the rent
Not only does the place matter when it comes to renting costs, but also the time of the year you are looking to rent. The busiest period to rent during the year is between May and September. In addition to the general guiding prices might be lower outside the Peak -period, Landlords may also be more open to negotiating the rent to reduce the void periods. You can, therefore, save hundreds of pounds during a year if you are willing to move before the peak- period or delay the moving after the peak -period (between October and April). It might be worth waiting for a month or two to get a better deal.
Did you know that placing an advertisement with a guiding price is not an offer to the tenant but are in fact an invitation to treat? The word ‘treat’ means to negotiate.
Good news for all of you, who had enough of paying hundreds of pounds in administration fees, the government is now banning letting agent administration fees. The Government published the Tenant Fees Bill already in November 2017. However, the government has revealed it doesn’t expect the ban to come into force first after spring 2019.
We at Abito Homes welcoming the Tenant fees bill. Instead of ripping off the tenant several hundreds of pounds in tenants’ fees we are offering tenants who are renting fully managed properties through Abito Homes financial incentives. We strongly believe that by offering tenants financial incentives for taking good care of the properties and fulfil their obligations as tenants may benefit both tenants and landlords, resulting in repeated business.
Contact Abito Homes today for more information about Abito Homes Club membership