Living in London is not cheap, especially if you want to live near to the centre of London. Many people end up moving to towns that are far away in order to save money, only to have to spend just as much getting to the centre every single day. The best solution for saving money when living in London is to opt for a house share. Find out below why this is something you should consider.
London Is Expensive
As we mentioned above, it is extremely expensive to rent a property in London. If you are hoping to buy a property, you’ll need to have a lot of money to spare as the house prices are high. London is the capital city and so you can expect the cost of living to be high. Research suggests that a one bedroom flat in East London could cost a minimum of £900 per month. While South London is cheaper, you are still looking at a minimum of £720 per month.
However, when you opt for a house share, you can save a lot as you will be splitting the cost. In East London, you could expect to spend a minimum of £350 for a single room in East London or £550 for a double room. This indicates that flat sharing is the cheaper option by far.
You Can Keep Your Things
A lot of people want to avoid sharing a house with others because they think that it will limit their space. This is true in a way, especially if you opt for a single room but it doesn’t mean that you have to get rid of all of your things. In London, a lot of people choose to keep their items and any furniture in a storage facility. There are plenty of self storage options around London that are affordable and safe to use.
If you are worried about having too much stuff to move into a house share, you can always look into storage.
Living More Central
Another reason why house shares are the perfect way to save when living in London is that they allow you to live in a more central location. As we mentioned before, living close to the centre of London is not going to be affordable for most. For this reason, you might need to commute from somewhere that is more affordable, especially if you are looking for a one bedroom flat.
When you choose to share a house with others, you’ll be splitting the cost and so can live closer to the city. This allows you to save money that would have been spent on travelling at peak times just to get to the office. This is how many people save money as they realise that living alone is just not a viable option when it comes to public transport.
Saving money when you live in London is not easy, especially when you consider the cost of rent, council tax and general expenses. Sure, the public transport network around London is great but if you need to get several trains or tubes each day, you’ll end up spending a lot of money over the course of a year. If you haven’t already considered sharing a house with others, you really should in 2020.
If you decide to do this, you’ll be able to save money over time and might even be able to afford your own property one day. For now, sharing a property with others is the best option.