Londoners pay an average of 1,430 pounds in rent each month, which is approximately 40% of their average salary. This means that in all London boroughs, the cost of a house or one-bedroom flat on the private market is at least 35% of the average pre-tax payment in London. On average, a one-bedroom home in the capital requires almost half (46.3%) of the average gross salary in London. Private tenants in London pay an average of 341 pounds sterling a week (1,364 pounds per month) in rent, which is 71 percent higher than the national average.
The Trust for London, located at 4 Chiswell Street London EC1Y 4UP, provides more information about rental costs in the city. When I moved to London, I chose to live in a less desirable flat outside the city rather than sharing a house because I didn't want to deal with the stress and hassle that comes with people leaving. It's important to remember that a significant portion of your pre-tax pay in London will go towards rent for an average house or one-bedroom flat on the private market. Have you heard of the 30% rule? This rule states that you should only spend 30% of your income on rent.
But how much do Londoners actually spend?.