Moving to London

[shitt]

I currently rent a 1 bed apartment in Birmingham city centre, bills are £1.5k per month. My tenancy ends August 2024 and I’m wondering what’s next for me. I earn £40k, live alone, single, 20s.

My gut tells me to move (and rent) in London. I lived there before Birmingham but moved due to cost of living. I grew up in London so it feels like home.

I suppose I’m just looking for guidance. I know I could eventually buy a house somewhere cheaper but nowhere really resonates. I’d aim for promotion before moving to London so ideally I’d be on ~£60k including London weighting. Currently dealing with some meaty projects at work and have had good feedback on job applications so it seems in reach within a year. I work in public sector and private may be more lucrative.

Don’t choose yet, apply for some jobs and see what you get

What guidance do you want? It sounds like you should definitely go for it. What’s the worst that could happen? Even if you decide it’s not what you thought it was, you’ll probably advance your career and be able to move back/somewhere else entirely after a year or two. If you have no ties and you will be able to afford it (even if things may be a little tighter depending on your rent), it will be a great experience and it sounds as if you’ll regret it if you don’t give it a go!

Thank you! I suppose it’s a risky move as lots of people I know my age are moving away from renting with lots already homeowners in the Midlands. I don’t know if I’m chasing a spark that doesn’t exist anymore and wrecking my potential future savings on a whim.

You are young with no responsibilities. You sound like a go-getter and will make things work. If it doesn’t suit you, move back. Nothing wrong with chasing a spark. At best you’ll widen your opportunities, meet new people, have new experiences. Be prudent with your finances and you’ll be fine. Best of luck!

Please, please do it. Do it for all of us older people who aren't as free now to make such decisions.
And I'm speaking as someone who moved to London solo at 21 and survived there on awful salaries for many years - and I wouldn't take any of it back. It opened up opportunities for me (and ones that ultimately made me better off financially too)
Your twenties are the best time to start to accelerate your career and potential earnings, that is worth a lot more than saving £5-£10K on rent vs mortgage over the next year or two.