Posts with tag: tenants

Families renting homes in London could save up to £64 for each extra commuting minute by moving out of the capital, according to research by AnyVan.com.

The study has used the average price of renting a three-bedroom family home in the capital, against a similar property in a commuter town.

The cost of renting in London is particularly high, especially for families. For those who work in central London, adding just a few minutes to a commute can save hundreds of pounds each month.

So, where could you move to that gives you a similar commute time, plus a similar sized home?

Tenants Could Save £64 for Each Extra Commuting Minute by Moving out of London

Woking offered the greatest saving per minute. There are a number of rental properties close to Woking station and, with its quick train link to Waterloo, the commute time from your front door could be as little as 28 minutes. There are decent savings to be made – roughly £191 per month in comparison to living in Colliers Wood, which can have a 25-minute journey into Zone 1. This means a saving of £64 for each minute added to the commute time.

St Albans is another known commuter hotspot, with a non-stop service into the capital. Commuting from a property close to the main station to Kings Cross takes just 23 minutes, which is actually only five minutes more than if you lived up the Victoria Line in Walthamstow. This switch could see tenants save £31 per minute, with a monthly saving of £157.

The highest potential monthly saving was £589, found by moving from South Clapham to Berkhamsted. A similar saving could be gained by switching homes in southwest London, such as Gunnersbury, to Reading. If you’re looking at Reading, be sure to check out Caversham, which offers a village feel, but is just a few minutes’ walk from central Reading and the mainline station. A short walk and direct train into London will take just 31 minutes, and could save commuters £39 a minute, or £545 per month.

A lesser-known option is Haddenham, a small village close to Thame on the border of Oxfordshire and Buckinghamshire. Haddenham offers a direct fast train service, which gets you into Marylebone in less than 40 minutes. This commute would add just seven minutes to your journey when compared to travelling in via the Bakerloo Line from Kenton. This switch would save £45 per minute, or £315 a month.

Other locations highlighted in the research include Bedford, against Edgware, which had a saving of £45 per minute. Seven Oaks was just four minutes longer than Tooting Bec, with a saving of £39 a minute. Kings Langley offers a commute of 29 minutes into Euston, versus West Finchley, at 22 minutes. This seven-minute difference could save tenants £41 per minute.

Angus Elphinstone, the CEO of AnyVan.com, says: “Our research highlights just how much money families who are renting in London could save by moving to a commuter town. Locations like Reading, St Albans and Woking offer rapid direct train links, and give movers an option to save money by adding just a couple of minutes to their journey time, in comparison to living in Zone 3 or 4.

“Commuter train tickets can cost upwards of £500, which might seem a bit steep for some, but, even with the additional travel costs, families can easily save £500 a month by switching London to a commuting hub.”

He adds: “Our advice before you move anywhere is: always do your homework and research the area. We’ve selected areas with available rental properties within a few minutes’ walk to the train station, as using a car park could add a further £100 per month to a commute.“

Landlords, you can use this research to inform your decisions when looking at property investments outside of the capital.

Tenants in Camden are spending the highest proportion of their salaries on rent of any London boroughs, according to a new study by OnTheMarket.com.

The property portal found that, when renting a one-bedroom property in Camden, 61% (£1,944,28) of the average tenant’s salary is spent on rent. For a two-bed, this drops to 46% (£1,471,05), while a three-bed eats up 51% (£1,614,44). Four-bed homes will eat up 60% of a tenant’s rent (£1,911,65). These percentages are based on one tenant per bedroom.

The average gross salary of tenants in Camden is £3,181.17 per month.

However, the data shows that Camden does not, in fact, boast the highest average rent price in London. Instead, it is the borough where private tenants are spending the highest proportion of their wages on rent, in relation to the average salary for that specific borough.

Tenants in Camden Spending Most on Rent of any London Borough

Kingston upon Thames is the borough with the lowest percentage of earnings spent on rent across the capital. The average gross salary of a tenant in the borough is £4,352.78 per month.

When renting a one-bed property in Kingston upon Thames, the percentage spent on rent is 25% (£1,099.15), while a two-bed is 17% (£740.65). A three-bed is 15% (£648.55) and a four-bed is 14% (£627.40). This also assumes one tenant per bedroom.

Vikki Bennett, the Spokesperson for OnTheMarket.com, says: “Costs within the London rental market have been driven up in recent years, as first time buyers have battled to enter the housing market and second steppers have struggled to trade up while prices have risen.

“While it’s no surprise that cost remains the most likely primary factor when considering a new home, our analysis shows some stark variations across each borough of salary percentages being spent on rent. So, while London rents remain high across the board, considering all available options, such as moving to a nearby borough just a few miles away, can prove to have significant cost savings.”

She points out: “Hampstead, within the borough of Camden, is likely to be of high significance as to why Camden comes out with the highest percentage, due to the exceptionally high rental prices within this particular area.”

Mark Birch, the Director of Lettings at estate agent Jackson-Stops in Teddington, looks at Kingston: “Kingston upon Thames is an ancient market town located on the banks of the River Thames and nestled between London’s two largest Royal Parks. It’s an attractive place to rent for many people, offering many things such as great shopping and leafy walks in beautiful parkland. It is also cheaper than neighbouring areas, such as Richmond.

“It’s easy to see why so many commuters might choose to settle here and benefit from being outside the hubbub, while remaining close enough to connecting transport links into London.”

And Charlie Benn, the Director of Lettings at Bexley estate agent Anthony Martin, also comments: “It takes around 45 minutes to an hour to get from Bexley into central London. This is ideal for city workers, especially at a time where two-hour commutes are on the rise.

“City workers living in Bexley are in easy reach of central London, while also benefitting from the affordable rental prices.”

They add: “This makes Bexley attractive to those working in the City who want to keep a higher percentage of their salary for disposable income!

“Next year, the borough will be within an easy commute to the highly anticipated Crossrail Link (at Abbey Wood), providing even more time saving commutes.”