London is one of the greatest cities in the world, but one of the most expensive cities in the UK to reside in. Many people from businessmen and students like to live and work in London. The average rental price in London is very high, therefore it’s important you consider a few factors before moving to your new, capital city flat.

Why London is an attractive city for many different people?

Many people enjoy the busy day-to-day atmosphere of London. There’s always something happening and there’s so much life to see on every corner.

It’s also the perfect city for business opportunities, with so many companies deciding to host their headquarters in London there’s always room for employment and new business ventures.

With over 100 different nationalities living and working in London, it makes for a very diverse and multicultural city – a place where everyone can feel welcome and accepted.

For those who are looking for something slightly different to the typical London vibe and enjoy the trendy and unique, Shoreditch is the place to be. Combining both luxury and modern aesthetics and a vibrant art and music scene, Shoreditch is a buzzing suburb full of things to discover. The famous Brick Lane market is situated here too, making it an ideal spot for trinket hunters and those who like to shop independent.

What is the average rental price in London?

The price of renting in London isn’t cheap. That’s a well-known fact. Due to the attractions, the city being the capital of England, and the prime location and transport links to almost anywhere in the country, it’s expected that you’d pay more to live here.

The average rental price for new rentals in London is £1,586 per month. This figure is down by 42.5% as compared to prices of last year.

Of course, the price depends on the location and what type of property you choose to reside in. If you’re looking for a bedsit or shared residency, your rent will be considerably lower than if you were to live in a one or two bed apartment alone. Likewise, if you are willing to live further out of the city centre and more towards the outskirts, or even the next town over from London, your rent will be cheaper than if you were to live right in the middle of Brick Lane.

What should you have before you rent?

Before you rent a property in London, it’s highly advised that you view that property in person if you are able to. Don’t sign for anything that you haven’t seen first-hand and be sure to ask the letting agent or landlord about any queries you might have such as:

• Is the area busy? Does it get noisy from time to time?
• Are there any repairs to be made before I move in?
• Is there car parking available?
• Do you have a recent copy of the energy ratings for this building?
• How long is the tenancy and how large is the deposit?

Another important thing to consider is how to ensure that you get your entire deposit back and can look after the property whilst its your responsibility. You might be paying a large sum of money out before even moving in (often known as a deposit or ‘bond’) and you could lose this money if there are any damages to the property or furnishings that were provided.

It’s recommended that you invest in Tenants Insurance so that you’re covered if anything was to go wrong with the property whilst its in your care. It also helps with protecting your personal belongings in the event of a theft, flood, or fire.

Also think about your lifestyle and whether the property truly fits within your budget. If you are going to be scrimping and struggling from one paycheque to the next, it might be wise to look elsewhere and find somewhere that’s more affordable.