Traditionally, the charm of the capital has never failed to attract young millennials across the globe. With its lucrative job opportunities and unprecedented rooftop views you quickly find yourself amidst the young crowds here to pursue a lifelong dream.
Although, we are very familiar with the phrase ‘everything comes with a price’. Cost of living in the capital has dramatically increased making a decent living almost unaffordable, as house prices bear no relation to income. Unregulated rental prices by private landlords consume almost two thirds of average salary. “We need to do everything we can to help Londoners who are struggling to pay their rents. That’s why I’m working with housing associations and councils to build new homes for ‘London Living Rent’” said Sadiq Khan.
Millennials with their sights set on living in the capital, face the challenge of adapting to the evolving high cost of living. Oliver Smith is a young professional, born in Birmingham who has recently moved to London and tells me how he has been living in the capital
The rapid rise of rent compared to earnings can be detrimental towards young millennial’s whose dreams of owning homes in the capital may be cut short. Instead, renting further away from the centre is seen as an option for the foreseeable future.
Zoopla, a leading real estate agent has listed the current average property value is £658,016 increasing by 0.66% in the last 12 months. With the highest monthly rental values across all regions in England. The median rent of London £1495 was more than double the English median.
With rent in the centre of London sky high, the question above many heads. whether millennials should abandon the prospect of owning a home in favour of renting a cheaper cost of living elsewhere.
Below is a map illustrating the average rental prices in the capital.