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Tips on Renting a Flat in London

Real estate agent shows new apartment for rent in London

Ivan Samkov from Pexels

London is the biggest city in the UK. As you can expect, this means it has one of the busiest housing markets in the UK. So moving to London can be pretty tough if you’re not prepared, so you’ll need all the help you can get if you’re thinking about relocating there soon!

If you live in the UK, you’ll probably know that London is known for its astronomical house prices, especially compared to the rest of the UK. 

The average deposit to purchase a house in London is well over £100,000! For most people, this means that it’s likely that you will have to rent a house if you’re looking to live in London.

Unfortunately, the renting market in London is more competitive than the buying market in London so your house search won’t be any easier! However, it’s still possible to find a beautiful house in London that is within your budget.

Read more to learn some crucial information about the London property market and discover tips to make your renting search a bit easier.

Prices for renting a flat in London

Just as house prices are higher in London, you can expect that rental costs in London will be higher as well.

The cost of renting in London is divided into two parts. The actual rent payment as well as the security deposit.

The average monthly rent for a one-bedroom flat in London is roughly £1100. This is far more than the UK average, roughly £600. As a result, renting a flat in London will be much more expensive than in the rest of the UK.

You must also confirm that your deposit is covered when you begin the renting procedure. The deposit for your unit will be around 4 to 5 weeks’ rent. 

The deposit will only be a one-time payment, so monthly payments will be the main thing you’ll have to worry about throughout your contract. But make sure you don’t forget the deposit, and you’re prepared for it when you begin the contract.

The price of renting out a flat will be almost double that of areas such as Manchester or Liverpool. So if you’re moving to London from cheaper areas, make sure you recognize the significant jump in price.

 Real estate agent reads the rental agreement of an apartment in London

Tips to help out the process

Pick out a Borough early on

All the London boroughs are very different, and London itself is a huge area. Try not to start searching by looking all over the city of London, instead focus your search on two or three boroughs of London.

Focusing your search will help you discover what you need from your flat, and different boroughs will cater to your needs more than others.

Set yourself a strict budget

Ensure you know your specific budget and enter it into the property search websites’ criteria.

This means that all of the flats you go to look at are within your price range.

Avoid busy periods

London is busy enough, so avoid moving in periods where competition is at its highest level. This is usually in the summer months and over holiday periods.

The demand for accommodation is often substantially higher during the summer months due to families relocating over the summer holidays because it is less effort and students who have recently graduated and are searching for housing.

If you’re able to relocate in other periods, there will be less competition, and you may be able to negotiate a lower price if you skip certain months.