Look again at renting in the heart of London

The capital city has so much to offer in terms of work and leisure time. Galleries, museums, theatre and events, not to mention bars and restaurants can mean residents are not short of things to do at weekends and evenings. The great rental opportunities in stunning locations are a huge draw too, often close enough to work to mean that tenants can enjoy their mornings and simply stroll or cycle into work and then make the most of their evenings once the working day is over.

However, the thought of renting in London may be dismissed by some. It could be that they dismiss zone one or two rentals as too expensive and opt instead for properties outside London in the belief that their quality of life will be hugely improved. Whatever the reason, popular commuter towns such as Milton Keynes, Southend-on-Sea, Cambridge and Brighton are an hour from London and are drawing tenants’ interest. Let’s take a closer look at whether they really do work out to be more affordable and offer a better quality of life when compared to renting in the capital.

Milton Keynes

The train journey from Milton Keynes to Euston takes 40 minutes, and then there is the small matter of getting across London to the place of work, which could take an extra 40 minutes in some cases. Commuters will have to commit to at least an hour and 20 minutes travel time each day. The average cost of a rail season ticket is £5,208 per year and the monthly cost of a zone 1-2 travel card in central London is £131. That’s an additional £6,780 per year, simply on travel.

The cost doesn’t end there, the Commuter Cost Index compares average rental costs, ticket prices and the hours spent travelling to calculate the real cost of commuting into London. Based on the average London wage of £17.30 per hour, commuters in Milton Keynes lose £5,398 every year in unpaid travel time.

Then there is the rental itself. For a two-bedroom apartment in Milton Keynes, a tenant can expect to pay between £850 to £1,200 per month. For a two-bedroom apartment in central London, tenants can expect to pay between £1,700 and £5,200 per month, properties which offer a wide range of amenities within impressive locations, especially within one of London’s new developments.

Potentially, renting a two-bed apartment in Milton Keynes with the additional costs of travel, unpaid travelling time and the length of the commute might mean it’s not dissimilar to renting in the heart of the capital, in terms of cost.

Southend-on-Sea

The train into Liverpool Street Station takes an hour and 12 minutes. Commuters are committing to nearly two and a half hours journey time each day before the journey time across London is factored in. The average cost of a rail season ticket is £3,528 per year, alongside the yearly cost of a zones 1-2 travelcard, making the commute cost £5,100. The cost of the unpaid time travelling is assessed by the Commuter Cost Index at a whopping £9,965 per year.

Rental costs for a two-bedroom property in Southend-on-Sea are between £850 and £1,375 per month. With the additional costs and at least two and a half hours’ travel time, tenants will have to ask themselves if they are really gaining a better quality of life.

Cambridge

The train journey to and from Kings Cross, London and Cambridge takes an hour and six minutes, that’s two hours and 12 minutes a day before the commute across London is taken into account. The average cost of an annual rail season ticket is £6,300 and the yearly zone 1-2 travelcard costs of £1,572 take the total cost to £7,872. The the Commuter Cost Index assesses the cost in unpaid travel time to be £9,134 per year for those living in Cambridge. And tenants can expect to pay rental costs of between £1,395 and £1,750 per month for a two-bedroom apartment.

Brighton

The journey into London Blackfriars takes an hour and six minutes, that’s two hours and 12 minutes on the train each day before the commute across London is taken into account. A yearly rail ticket costs £4,320 and would have to be supplemented with a £1,572 zones 1-2 travelcard for travel across London. Then there’s the cost of unpaid travel time, assessed at £9,134 per year. Rental costs for a two-bedroom apartment range from £1,100 per month to £1,850 per month. It’s pretty clear that the hidden costs and not-so-hidden costs can make life far more expensive for tenants.

Quality of life in London

It is one thing to compare rental prices, travel costs, journey times and the cost of the unpaid time spent travelling, it is another to consider the practicalities of the commute. News stories about train delays, cancellations and generally poor service are a regular occurrence and every year, train companies raise fares; commuters have little choice but to pay spiralling costs for unreliable services. A study by price comparison website MoneySuperMarket showed 79% of commuters who travel to London by rail feel they have few alternative transport options and nearly 10% reported being unable to get a seat, even after paying such high travel costs.

Spending an hour or so on a packed rush hour train doesn’t equate to a better quality of life, whereas those in zones 1-2 can often walk or cycle to work. Moreover, the time that would have been spent on the commute can be spent going for an early morning run or swim, or simply reading the paper and enjoying breakfast at home.

A great example is this spacious two-bedroom, two-bathroom property in Imperial Wharf, situated in London’s zone 2. With wood floors throughout, floor to ceiling windows and a private balcony overlooking the river, the property itself is amazing for just £2,275 per month. Tenants here are likely to be able to walk and cycle to work nearby as well as enjoy a wealth of leisure activities once they finish. No long commute with a laptop or cancelled train chaos here.

A recent study by the Trades Union Congress shows that commuters will spend as much as 13% of their salary travelling to work by train; there is even a new online tool (the Commute-O-Meter) that calculates exactly how out of pocket commuters will be for season tickets. When the costs of unpaid travel time, trying to work on a laptop on a packed train and evening or weekend activities dictated by location are taken into account, central London becomes a far better option. Think that central London is too expensive to rent? Then it’s time to rethink.

If you would like to know more about affordable rental pportunities, a stone’s throw from work and in a buzzing capital city, then get in touch with the team or browse our current rental listings.