For the first time since 2011, the prices of houses in the country have dropped but astronomical figures have subdued first-time buyers over the last few years. Despite the decreases in value of properties, prices still remain high for the majority, and renting remains the only option for many who want to move out of their parental home.
Renting in London remains the most expensive in the country, with the average renting cost being an eye-watering £666 a week (£2,885 a month) for a whole property. GoCompare have researched properties across all London boroughs and ten of the most popular cities in the country to compare what type of property renters are getting for that money.
Spotlight on London Locations
Westminster – The Royal borough is one of the least spacious areas in the city. The average London weekly rent in this borough offers a 720 sq ft., refurbished 2 bedroom flat, open plan kitchen, with balcony and communal gardens. The area is in the core of the city and offers good transportation links to the rest of the city.
Kensington and Chelsea – Also one of the Royal boroughs, Kensington and Chelsea is widely known as a wealthy borough. Renters could live in a 740 sq ft. ground floor 2 bedroom flat, with a patio – a lot smaller than properties you could rent for less in Barking and Dagenham, Bexley, Havering or Hillingdon. With a maximum of 2 people sharing the small space the weekly rent would be around £333 each or £1,442 a month.
Camden – This borough is one of the most popular and iconic areas in the city. However, for the average £666 weekly rent you could only receive a 647 sq ft., 2 bedroom, 2 bathroom furnished flat with an open-plan kitchen/living room. Camden is one of the areas with the least property spacious however, its music history make of it one of the most vibrant areas too.
Richmond upon Thames – With half of the borough being comprised of parkland, Richmond upon Thames is an affluent area with attractions such as Kew Gardens and Hampton Court Palace. Similar to Kensington and Chelsea, you’ll only be able to afford a 831 sq ft., 2 bedroom flat for the average London weekly rent.
How Does the Rest of the Country Compare to London Space Wise?
Leeds – Still undergoing major development, Leeds has become an attractive location for businesses and housing investment. You could move into a stunning 1,302 sq ft., 3 floor, 7 bedroom house, with 2 bathrooms in a prime location for the average London weekly rent or even less.
Liverpool – Known as a cultural hotspot and boasting a fast growing economy, Liverpool offers great opportunities within the property market. You could rent a 4 bedroom barn conversion, with 3 ensuite luxury bathrooms, 2 garages and a gym in a rural setting for the same cost or less as the above London properties.
Manchester – Manchester has become a popular location for those wanting to escape the extortionate prices in the capital. Despite Manchester’s rising house prices due to ongoing regeneration, the average London weekly rent will still open the doors of a renovated 5 bedroom house, with 2 bathrooms, and garden which translates into a 1,658 sq ft. property.
Sunderland – The 360° tool demonstrates the disparity in size of property between inner London and the rest of the country. For the same price you could move into a detached 5 bedroom house, with ensuite bathrooms, conservatory, garden and a garage in Sunderland. Sharing this space the weekly rent will be around £133 each or £577 a month.
Not only is the average cost of London’s weekly rent extremely high, the difference in property size, build and cost of living is stark between London and the rest of country. Recent statistics show that it is cheaper to buy than to rent across the entire country, but many people are still unable to afford a home due to rising property prices over the years, leaving them with no option but to rent.
See the differences in properties brought to life in 3D floor plans here.