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01.01.2021

Housing prices in London in UK: rent and purchase

Hotel prices in England

Sample prices for standard hotels in central London for short trips

  • Hostel in central London costs from 27,7 - 41,5 USD = 20 - 30 GBP per bed
  • Hotel room 2-3 stars 69,1 - 96,8 USD = 50 - 70 GBP
  • 4-star hotel room from 138,3 USD = 100 GBP
  • Renting an of a small apartment 50m2 in the center 96,8 - 138,3 USD = 70 - 100 GBP per day
Accommodation in Britain for travel, Hostel in central London
Hostel in central London
Accommodation in Britain for travel, 2 star hotel in London
2 star hotel in London
Accommodation in Britain for travel, 4 star hotel room
4 star hotel room
Accommodation in London for travel, Apartment for rent
Apartment for rent

How to get a lower price

These are examples of prices for hotels in the city center. A few metro stops from the center, the cost of hotels will traditionally be 20 percent lower. A way out of high prices and small rooms, there may be a popular rent of serviced apartments for daily rent through AirBNB

You can view prices, book accommodations and read about the pros and cons of various hotel search engines in my review of hotel and apartment reservation systems

Long Term Rentals in London

Due to the fact that many Londoners cannot afford to buy their own homes and they rent apartments, there is a huge demand in the rental market and high prices do not match the quality of housing.

Features of apartments and houses

  • There are few new houses in the central districts, and apartment prices are high. The disadvantages of old houses are dampness and mold, old windows with cracks and poor heating, crooked walls, very old carpeting.
  • London apartments are small. Area 37-40 sq.m. for a one-bedroom apartment is considered the norm. For a two-bedroom apartment, the area can be 55-60 sq.m.
  • It is difficult to find apartments with a separate kitchen and few apartments with a balcony.
  • Also usually there are no courtyards, and also often there are no elevators

Features of the rent

  • Apartments are rented for at least six months, sometimes for at least a year. When renewing the lease for the next year - the price usually increases by 5-10%
  • The services of a realtor are about 207,4 - 414,9 USD = 150 - 300. GBP but usually part of the amount is paid by the landlord
  • In addition to rent, the tenant pays council tax (local tax on garbage collection, firefighters, utilities, etc.), TV license (required by law) and utility bills (gas, electricity, water)

How to rent an apartment in Britain

  • You can search for an apartment through an agency or on your own on websites. On the sites, all ads are from agencies.
  • Agent organizes viewing of the apartment. If the apartment suits you, a deposit is left (you can not pay) and further approvals are underway.
  • The tenant sends the owner a written offer in which he describes in detail all his wishes, for example, it is planned to accommodate a pet, it is planned to bring its furniture, make minor repairs, etc.
  • If the landlord accepts the offer, a deposit must be paid (1-2 months rent). The deposit will be refunded upon departure if the apartment has not been damaged.
  • Next comes an agency representative and describes the apartment in detail (inventory check). Any cracks, stains and abrasions are fixed. Any details should be spelled out. The boiler and gas stove must have a safety certificate.
  • A contract is concluded. From the documents you will need an employment contract, certificates of financial ability, wages, recommendations. Sometimes a surety is required.

What to pay attention for if you rent an apartment in England

  • It is important to determine who is responsible for the technique. Either the owner himself repairs any broken equipment, or the tenant does it, keeping all receipts, according to which the owner will later pay the cost of the repair.
  • It is necessary to check for dampness and mold, these facts may be masked by cosmetic repairs.
  • It is necessary to take readings of all meters upon arrival, to make sure that there are no debts on utility bills
  • It is important to pay attention to heating - gas or electric. Gas is cheaper. You also need to pay attention to the quality of the windows. Single windows have poor thermal insulation.

Dependence of prices on the area of ​​the city

In London, prices are highly dependent on areas. The Thames divides London into North and South. Historically, properties on the north side of the Thames are more expensive than properties on the south. The most expensive and prestigious areas are in central London (zone 1 and part two): Mayfair, Kensington, Chelsea, Westminster, Knightsbridge. Bexley is the most affordable location in London. Another popular area is Croydon.

It's much cheaper to live outside London. If you want civilization, metropolitan conditions, etc., consider the cities of Manchester, Liverpool, Birmingham.

Examples of monthly rental prices for apartments in London

Downtown areas within Transport Zones 1-2 (e.g. Mayfair, South Kensington, Westminster)

  • 1 bedroom 2 212,6 - 3 180,6 USD = 1 600 - 2 300 GBP
  • 2 bedrooms 3 042,3 - 3 872 USD = 2 200 - 2 800 GBP
  • 3 bedrooms 4 978,3 - 6 914,3 USD = 3 600 - 5 000 GBP

Low-cost city areas within transport zones 4-6 (e.g. Bexley, Croydon, Bromley)

  • 1 bedroom 1 382,9 - 1 797,7 USD = 1000 - 1 300 GBP
  • 2 bedrooms 1 659,4 - 4 148,6 USD = 1 200 - 3 000 GBP
  • 3 bedrooms 2 212,6 - 3 595,5 USD = 1 600 - 2 600 GBP

On this site you can find out the average rental price in any part of London. london.gov.uk/in-my-area

Inexpensive apartment in London, old buildings in an inexpensive area
old buildings in an inexpensive area
Inexpensive apartment in London, Bedroom
Bedroom
Inexpensive apartment in London, Kitchen Combined with the hall
Kitchen Combined with the hall
Inexpensive apartment in London, Bathroom
Bathroom

Student accommodation

For students, renting a dorm room is the right way. For registration, a minimum of documents is required - you only need a certificate of admission to the university. Some universities may have hostels in remote areas, some - on campus.

Buying property in England

Freehold and Leasehold

There are 2 types of property rights in Britain:

  • Freehold - owned land and real estate
  • Leasehold - long-term lease (usually 99 years)

Leasehold can be renewed for money, in some cases it is possible to change the status of ownership. Freehold real estate is more expensive, leasehold is cheaper.

Some features of buying real estate in Britain

  • When buying, Stamp Duty Land Tax (SDLT) is paid to the state for residential real estate, which depends on the value of the purchased object, the more expensive the apartment, the greater the payment. Also, if you already own an apartment in London, then 3% is added. The sum of SDLT can be from 2 to 15%.
  • All real estate transactions in the UK are carried out through a lawyer who leads the transaction throughout all stages of the purchase. Lawyer services cost from 0.3% of the transaction.
  • To buy real estate in Britain, you need a minimum of documents: a passport and proof of address.
  • The transfer of title to real estate occurs at the time of transfer of the keys. Until that moment, anyone has the right to change the decision and exit the transaction.

Estimated prices

  • The average price of an apartment in central London is about 16,6 USD = 12.000 GBP per m2
  • The average price of an apartment in inexpensive areas of London is about 8 297,2 USD = 6 000 GBP per m2

A small one-bedroom apartment 50m2-60m2 in an inexpensive area will cost about 345,7 - 553,1 USD = 250.000 - 400.000. GBP and in the central area 829,7 - 1 382 869,6 USD = 600.000 - 1000000 GBP

Small apartment in London, Bedroom
Bedroom
A small apartment in London, The kitchen is combined with the hall
The kitchen is combined with the hall
Small apartment in London, Bathroom
Bathroom
Small apartment in London, View from the window
View from the window

Websites for finding housing

Popular resources for finding apartments in London:

Utility bills in UK and London

Housing and utilities in the UK are provided by private companies. There are several suppliers of gas, electricity, heating, as well as several companies in the field of water and sanitation, which offer different tariff plans for the British. You can choose suppliers of gas and electricity, but you cannot choose a water utility - a certain company is attached to each district.

Examples of prices for a small apartment of 60-70 m2

  • Water and wastewater per month 55,3 - 96,8 USD = 40 - 70 GBP
  • Gas, electricity 83 - 124,5 USD = 60 - 90 GBP
  • There is also a local tax on garbage collection, firefighters, utilities.

Read more:

  • Food prices at restaurants in London
  • Grocery prices in UK and London
  • Museums and attractions in London
  • Transportation fares and car rent
  • - Housing prices in London
  • Archive of prices in London
  • Prices worldwide

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