When it comes to renting a property as a young professional in London, it can be quite a daunting task. Being on a budget and also having to weigh up the different needs, wants, and desires you have can result in a lot of confusion.
As a young professional, where you live is vitally important and can have a huge impact on not just your quality of life, but your happiness levels as well. Luckily, we are here to lend a helping hand with our guide to property in London for young professionals. For those looking for the perfect home that satisfies your requirements, read on to find out more!
The Needs of a Young Professional
When you are at the start of your career and have limitations on funds available to you, it can be difficult to balance income with amenities and location. But don’t worry, this doesn’t mean that it’s impossible to get the best of both worlds.
When it comes to what young professionals want, a lot depends on price, proximity to work and central areas, the availability of amenities relating to health, medical, shopping, food, and leisure, and of course the “cool factor”.
The Cost of Living
The average graduate in London earns GBP 30,000 per annum with the top end of the pay scale for young professionals sitting at approximately GBP 42,500. This means that whilst you are likely to have a certain amount of disposable income, depending on the stage of your career, your purse strings still might be a little tight.
The overall cost of living does vary wildly across the capital with west and southwest London being the most expensive to live in, and the south and east, as well as the outlying suburbs being significantly cheaper. Areas worth considering for their low cost of living include Acton, Queensway, and Finsbury Park.
Transport Requirements
We know that as a young professional, you are keen to avoid lengthy travel times and are also likely to be interested in cleaner, ecology-friendly forms of transportation such as bicycles or even walking. This means that ideally, you want to be within an hour or less of your workplace.
For those of you that work in finance in the City, you should consider areas such as Canada Water or Canary Wharf as both are in a short distance and enjoy great transport links. Alternatively, Shepherds Bush and Hammersmith offer great proximity to the centre with prices that are still lower than Chelsea.
If you are looking for a central location, near to work, and with good transport links, be sure to add these locations to your list.
The Most Popular Areas
The North of the Thames is where most of London’s young population live with 90% living within Zone 1, 2, and 3 of the underground so this could be a great place to start looking. Neighbourhoods within these zones are by far the most popular due to their abundance of cultural hotspots, evening hangouts, and of course, convenient transport links.
Bayswater is one of the key areas you should consider due to its central location, the fact it is close to almost everything you could wish for yet still has prices at a level that are both competitive and accessible.
Socialising and Leisure
Exercising is probably pretty high on your list of things to do in your downtime so proximity to late-night/early-morning gyms and sports centres, swimming pools, or areas designated for sports activities is a must. Think rock climbing, sailing, football and other team sports, tennis, running tracks, and Pilates and fitness studios for the perfect ways to relax and unwind.
Socialising is also likely to be very important to you with quirky cafes and bistros’, independent bars, and pop up restaurants remaining the most popular choice. Areas get extra bonus points for cinemas, indie theatres and gig venues, and centres where exhibitions and similar events are regularly on the agenda.
Popular areas include Shoreditch or Dalston for the nightlife, Hackney Wick for the cafes, and Angel for its restaurants and bars. The whole of the East London area is immensely popular and whilst, for now, it is still relatively cheap and cheerful, prices are on the up so be sure to move quickly!
Shopping and Health
Studies show that your demographic is more likely to be vegetarian or vegan as well as conscious of shopping for fresh and local produce. As a result of this, proximity to farmers’ markets and independent grocery shopping locations is an important factor in choosing somewhere to live.
Clapham is one of the most sought after areas for young professionals due to its leafy streets and laid back vibe, and Bermondsey is making a name for itself due to its plentiful local amenities and markets. You could also consider Hammersmith due to its proximity to Westfield shopping centre and its reasonable property prices.
Whilst these are just some tips to consider, for proper in depth advice, guidance, and someone to take you through the process from start to finish, your best bet is to get in touch with a member of our team so you can benefit from our decades of combined experience.
