Can students in London afford their rent ?

A BBC research says that young people  in their 20s that would like to rent a place for themselves are having to pay out an “unaffordable” amount in almost two-thirds of Britain.

By: Ananda de Morais

Photo from Wikipedia DATE PICTURE WAS UPLOADED: 23 March 2012 SOURCE: http://www.photos-public-domain.com/2012/03/25/for-rent-sign-2/ AUTHOR: Photos public domain

The BBC report also said that in London a 20 year old with an average salary would spend around 55% of their monthly wages on a small one-bedroom flat.  

London is known for being one of the most expensive cities in the world,  but we never really know how bad they can be, one of the most expensive things in London is the rent. Especially for students, I spoke to Heather, 20 about how it is living in London, she moved from Boston which is a small town in East Middle-lands to London the countries capital.

Most students in London are forced to share a house or flat because of how expensive the rent can be, but even with sharing a house/flat they still find it hard to pay for the rent. I asked Heather if she shares a house or flat, “I live on my own now, but before I used to live with my boyfriend.” 

Heather currently pays £298 pw for her one-bedroom flat, which works our £1192 a month, I asked her if her student maintenance loan helped her pay for her rent “It helps but it doesn’t cover it, I get the £11,002 which is the max.” Event students who get the full maintenance  struggle to pay for their rent, so they have to rely on students overdrafts , which luckily don’t have any interest.  

I also asked her if she had ever tried to look for a different place to live since this one is so expensive. “I looked at private but it worked out much more expensive up front because my place only had a £250 deposit whereas most private want a month upfront.” The upfront cost to rent in London is outrageous so a lot of students struggle to pay for it, unless they’ve saved up before-hand or their parents can help them out. 

Have you ever struggled to pay for rent?  “I’ve always managed to pay it with student bank account overdraft but been very short for money.”  Being short of money is a common thing in London unless you’ve got a full-time well paid job. Especially for students, who can’t work full time and are paying a fortune on their rent, trying to make ends meet can be very tough sometimes.  Also according to the Save The Student survey 44% of students struggle to keep up with rent.

Most students in who live in London have to work to maintain the London life, which is very expensive. Although the living wage in London is £10.20 most jobs will not pay that and just pay around £7/8ph.  I asked Heather if she had a job or ever had one whilst living in London? “Yeah, when I first moved I was a Christmas temp at Lush on Oxford street and then over summer I worked in a pub in Camden but I don’t work now.”