Hi All,
Just looking to get a rough estimate of where 1st-year analysts typically live in London, and how much is usually spent on rent? Taking £50k base for 1st years, that is roughly just £3k a month after tax.
I understand this will vary depending on if you work in CW, the city or Mayfair, but would like to hear from those that have gone through the process before to get a better idea of what I should expect come the fall.
Thanks!
If you're working in the City or Canary Wharf, my recommendation would be to look at East London in general. It's probably the most bang for your buck compared to overpriced areas in West London and Angel/Islington. South of the river (Bermondsey, Canada Water) might be an option but in my experience the transport links aren't as great as East London (DLR, all day buses)
Areas to look in in East are probably Wapping, Limehouse, Shoreditch (if you work in the city), Canning Town, and then areas around Canary Wharf / Isle of Dogs. Avoid Shadwell, Whitechapel if you can. What you'll realize in London is that there are pockets of very different neighbourhoods close to each other.
In terms of rent, probably best to look for a flatshare because studios run anywhere PS1.2K + for a pretty crappy place. A lot of new builds have cropped up in East London so target those, rent will prob be around PS850 - PS1000 plus tax and bills. You can usually find a two bed, two bath for that range in my experience. Obviously, the more flatmates you have, the cheaper things will be so depends on personal preference. I work in Cap Mkts so hours aren't too bad and I do have time to spend at home so prefer having one other flatmate.
Good luck.