I'll be moving from Canada to London in July to work as an A1 for a bank located in Knightsbridge. I'll be making 75,000 GBP base. I'm wondering what percentage of income people typically allocate for rent in London. I'd be looking for a nice one-bedroom. I've been thinking around 2,250 GBP is a reasonable maximum, however, I don't really have any gauge for what typical rents are like in area's near Knightsbridge. Is 2,250 GBP a reasonable limit?
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Knightsbridge is one of the more expensive areas in town, while the money should give you something to live in, I am not sure if that place would be worthy of the rent. Probably very small.
You can, however, be in commuting or even walking distance to Knightsbridge and get much more value for money.
Thanks - any specific boroughs you'd recommend looking into? I've been generally looking at places that are near stations on the Piccadilly line.
It depends on your interests and your crowd - but I'd look into Hammersmith, Chelsea, Belgravia, Shepherd's Bush and -if not too far- Chiswick.
There are so many places that are nice, i.e. Fulham is also good.
Yeah, I see lots of people moving to Belgravia for value for money these days
Knightsbridge is literally the most expensive area of London, even more than Chelsea and Kensington. For that price you can get a much nicer place at good areas like Pimlico, Vauxhall, Marylebone, Clapham.
Paying that much just to avoid the commuting would be silly. Usually A1 analysts spend between £1000 and £1600 on rent.
"Pimlico, Vauxhall, Marylebone, Clapham"
There is a massive spread between these areas. Marylebone is basically prime / prime fringe, Clapham is solidly upper middle class, whereas Pimlico and Vauxhall are well-located but have some downsides.
Marylebone is definitely higher end (but can definitely afford as an Associate) than the others but I know people at most levels from Analyst to Director who live in Clapham/Vauxhall/Pimlico. There’s a decent spread of pricing across all those neighbourhoods but they all have massively different vibes.
Most analysts I know spend 1k - 1.5k per month on rent. Dont forget, 75k pre tax is more like 50k post tax
Regarding picc line: any station between hammersmith and kings cross is a good area to live in and will easily put you in that budget if you have flatmates.
This is correct. Although spending 2k is affordable according to the normal "max 1/3 of income on rent" rule of thumb, there is absolutely no need to spend this much.
Not sure 1k-1.5k is achievable anymore this year for a 1BR flat someone reasonably central. Prices seem to have picked up massively from last year
Definitely doable.
Moved to London 3 years ago. Across my friendship group, most spend 1/3 of pre-tax income value on rent. Friendship group varies across different industries (finance/non-finance) however 1/3 figure stays fairly consistent.
I'd think about moving in with someone if you can as value for money (for space especially) improves significantly as the number of bedrooms increases.
I live in Fulham with 3 friends paying £1,050 per month. Decent garden, large kitchen, and large lounge.
Most of my friends moving to London recently have struggled to find 1 or 2-bed flats under £1k each per month in areas like Clapham/Fulham so I'd assume any more central would be worse.
I'm actually in the same boat as you. Lived in Toronto my entire life and now moving to a job in Mayfair. Found a flat in Vauxhall for £1200. Considering its my first time away from home it's only a 15 min tube ride to the office. Congratulations on the job.
PS if you ever want a double/double give me a shout.
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AC isn't standard anywhere in the UK. It would be a surprise and not an expectation to see it in any accomodation no matter the price tbh.
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