Average London Rent Prices: Period April 2015 to March 2016
Looking forward to moving in London? Changing your location can be really exciting, but do not forget to consider the rent prices before making this big step. Living in the UK’s capital can be an expensive experience, looking at the factors associated with the average population density in the city, which is the highest in the whole country. With millions of people living in London, rent prices have become the highest in the country with its lowest value being higher than the highest one for every other region. Of course, with bigger properties and in wealthier boroughs, the price rates are going up, and in smaller tenancies, located in distant boroughs, living for less is possible. Balancing between property size and location is important for finding the best match for your needs in Europe’s largest city.
Even with the highest rents in the country, there is a wide range between the lower and higher values that you will have to pay to live in the city. The rent price is strongly connected to the borough you choose to live in and the size of the property you need. If your choice of location is dictated by the reason you are moving to the city – for example a new job or university – you will have to be more specific in picking the region of living. If the location is not among your top priorities, getting a bigger tenancy for a lower rent is absolutely possible.
The median rent, based on the following types of properties: studio, one room, one, two, three, four and more bedrooms, is £1,452. Of course, this includes the whole city of London with all boroughs and variations are possible depending of the location. The lower quartile value for London is £1,150 and the upper quartile – £1,950, which means that 25% of the properties in the city have a rent, greater than £1,950. Rents are higher in Inner London with median value of £1,668, higher value of £2,492 and lower – £1,200. In Outer London you can find a property with highest median rent of £1,595 and lowest median rent – £1,000. Overall, in Outer London the median rent is £1,300. This data is according the period between April 2014 to March 2016 and can give you some approximate values, but always be sure to check in with an agency, current residents you know and more information sources, before deciding to pack your suitcases.