How to Find a Cost-Effective Property in London That Isn’t a Cupboard

Sounds impossible, right? London is infamous for being an expensive place to live in. According to Zoopla, the average property price in Glasgow is just under £200,000 – whereas, in London, it’s around £670,000 as of April 2020. But if your work is based there, or you’re hoping to begin your career in this prosperous city, then it’s likely you’ll want to start renting a property.

A quick scour of any estate agents can quickly leave you feeling demoralised, however. Anything that seems alright has an eye-boggling price, while anything affordable often looks more like a grubby cardboard box than a home. But don’t give up on your dreams just yet. We’re here to share some information that should help you find a cost-effective property in London.

North, East, South, or West London? Outskirts or Central?

If you’ve begun searching for a property in West London and you’re not a millionaire, then we’re sad to report that you may well have been wasting your time. Understanding the different areas of London and how they vary in terms of socioeconomics is vitally important when you’re trying to find, somewhere to rent in the city.

For example, East London is a financial district where the housing is reasonably affordable, so it’s worth considering for someone moving to London just to work. However, if you want a property that is large enough for a family and not priced extortionately, you should try shifting your focus to the outskirts.

Generally, bigger housing costs less as you move further away from Central London and towards boroughs like Sutton and Havering. Do your research to first discover what areas suit your requirements, then find the best properties available there within your budget.

Be Savvy with Storage

Properties with a bigger floor area are more expensive, especially in London where every square metre of land comes at a premium. As a result, a lot of its more affordable accommodation comprises ‘box’ rooms. These aren’t particularly cost-effective – not when you could be paying the same price elsewhere for a much more spacious property.

But you don’t necessarily have to pay hundreds more in rent each month to acquire something that feels more spacious. Instead, you could invest in a storage unit for all the spare items and furnishings that normally overfill your rooms.

Not only will this open up how much space is available in your accommodation but is overall a more cost-effective option than paying rent for a larger property with space you might not utilise. Take a look at SafeStore.co.uk for local storage as they have multiple units available in the different districts across London.

Local Amenities and Transport

These are two factors that you need to also consider. They can have more of an impact on the cost-effectiveness of a property than one might realise initially. For example, someone who moved to the outskirts of London because of cheaper rent may find their everyday commute to work costs them more in total than living closer to the city centre would. This also applies for travel to local amenities like schools.

However, if you don’t have kids, then avoid getting accommodation in areas with sought after schooling. These aren’t cost-effective areas to rent in because house prices skyrocket wherever high-achieving schools are located.

Therefore, you need to factor the costs of your commute and local amenities into the equation when looking for housing, too.

With all this information in mind, we hope you can find the most cost-efficient and suitable property for you. Take your time, do your research, and reap what you sow.