How much can I afford to pay on rent?
What is the average cost of living in the UK?
Before you start looking for a place to rent, it may help to check out the average cost of living in the UK to see what you can afford.
Here are a couple of websites that show you the average UK cost of living in different regions.
https://www.numbeo.com/cost-of-living/ – this website allows you to compare the cost of living in countries. For example you can find out the difference in cost of living in Australia vs UK. You can also compare different UK cities with your home town. It claims to have the world’s largest database of housing prices, and provides other useful data on quality of life. It uses mainly crowd-sourced info so may not be entirely accurate, but does give you a fair idea on what you can expect to pay for various aspects of living in the UK. These include groceries, eating out, utilities and rent. For example, did you know that restaurant prices are 28% higher in London than Sydney but the cost of groceries is 23% lower?
https://www.expatistan.com/cost-of-living/london – this website operates in a similar way to numbeo. It’s regularly updated with new data but it’s worth checking both these sites to get a more complete picture of the average cost of living in the UK. The site is simpler than numbeo but has a user friendly interface. It also breaks cost of living comparisons into useful categories such as food, housing and transportation.
What are the average UK rental prices?
There are some really helpful websites around that give info on how much you should be paying on rent. Here are a few of them:-
https://www.london.gov.uk/what-we-do/housing-and-land/renting/london-rents-map – regularly updated, this government website shows average London rents by postcode district.
www.totallymoney.com/rent-vs-tube-journey-time/ – shows average rent by London tube station. This is a great tool for working out how much you’re prepared to pay on rent vs. how long you’re willing to commute. We love the map, but for the data geeks, check out the best and worst value stations for travel time vs rent graph. Note this doesn’t include overground stations and doesn’t break the data down by size or type of property.
http://londonist.com/london/housing/where-in-london-can-you-afford-to-live-on-your-own – thinking of renting in London on your own? This helpful guide will tell you how much you need to earn to comfortably afford rent in each London borough.
http://www.home.co.uk/for_rent/current_rents_by_town.htm – shows average UK rents for towns across the country by size and type of property