London on 40k

[Whatishappy]

Wanted your opinions on whether you think its feasible to live in London on 40k.
I have some money saved but I dont want to dip into my savings.
Please be gentle, I was in an abusive relationship from a young age that I've only recently gotten out of and this would be my first instance living alone, for info im 27, and although I've read about the different things I need to pay for im sure there will be things I have missed.
I know house shares are an option but I would like to have my own place.
Do any of you have a similar income and if so can I ask if you are able to save whilst also enjoying London life.
Also any tips on areas would be appreciated, I would need to be able to commute to stratford.

Personally would depend on what sort of accommodation you needed - kids etc a house in London with mortgage would be tough on 40k

If tented a 1 bed it’s definitely doable on 40k but your looking at over 1k a month in rent

Sorry I should have mentioned I dont have any children

It's doable, but it depends on what area you want to live in.

It's possible - whether it's advisable depends on what you'd like your lifestyle to be like. You mention wanting to save - is this a general putting a bit aside each month, or would you want to be actively saving for a mortgage, for instance?

If you wanted to be able to go for meals out regularly, or regular takeaways, etc plus actively save I'd recommend a houseshare.

Also depends on what type of area you'd be happy to live in and what sort of commute you'd be happy with (time, but also walk vs cycle vs train vs tube vs bus type!)

My daughter’s friend pays £1500 pm rent on a one bed flat in Wimbledon and that doesn’t cover the bills.

If you're single with no children it's easily done on that. Fill your boots once lockdown is over!

I was comfortable on a little less the £40k BUT, that was in a bed sit with no commute to work.
Now with a partner renting a 1 bed, but I'd have struggled alone as I've still been able to save a bit.
Renting rooms in house shares was viable for me, but the cost and condition varied vastly!

Good luck.

I have friends on a similar salary comfortably renting one bedroom flats in Romford, near the station. It's only about 15 - 20 minutes to Stratford on the Elizabeth line (that section already has the new trains most of the time).

With the current pandemic, I'm not sure how soon you'll get to enjoy the usual London life, but there are some nice parks nearby (Raphaels & Lodge Farm are walking distance from the station, Hornchurch Country Park and Hainault Forest a bus ride away. We live locally and love Bedfords and Thorndon).

Just get a house share. Nice house, nice area. Perfect age. Meet some great new friends - new social life, new horizons.
For gods sake at 27 do not get a shitty bedsit for 1k+ p/m
Save each month

This is the perfect time in your life to widen your horizons in terms of friends and social life. You will have fun, probably make friends for life.

I rented my own (very smart) 1 bed flat on a similar salary. Did lots of shopping, eating out, hobbies and some nice holidays. Not much saving though... but it would have been possible if I’d made cuts elsewhere. My rent was £1100 per month. You’ll be fine!

I absolutely echo what @Flightinspace said, get a house or flat share. Get any idea of uni houses out of the way- there are lovely flats and you’d only need share with 1 or 2 others. And, if you get the right people, it’s a great way to meet friends.

What are your hobbies?

You say you want to enjoy London life but if you live on your own your salary will be mostly taken up with rent, bills and commuting costs. Obviously if you live near work or work at home you will have less commuting costs but will still have to commute to do leisure activities and pay for taxis on your own to get back home.

Also if you are going to spend days working at home you are better of finding a houseshare in an actual property with a garden and living room. Lots of people have learnt from lockdown living on your own particularly in a small space can be very lonely and depressing.

I live comfortably in London on less than £40K. London is huge and varied, you can live in cheaper areas to save and travel easily around town (hopefully, soon...). But as per some other suggestions I would also recommend a flat share at least to begin with as a way to live cheaper while you find your feet, get to know places, meet people, build up a life.

Good for you for getting out of an abusive relationship. Are you looking to rent?

From work in Statford, you will be likely be looking at either something local, further east london or commuting in from Essex along the central line. You really need to compare commuting costs vs rentals closer to work. I looked at moving further into Essex and the commuting cost was ridiculous! Rentals in London are really down currently, so you might be able to get something more central for a good price.

Another consideration is what time of day you need to commute? If you work 9-5, like the majority, I'd spend extra and live closer to Stratford. If you can either WFH some days or work outside peak commuting hours, somewhere further away might be an option.

Street stalls and markets can be very cheap for bowls of fruit and veg-always £1! If you have a car, going to Smithfields and Billingsgate for meat and fish (if applicable) is a huge saving and so much better/cheaper than supermarket meat and fish. Its a very early start, but worth it every few months to stock the freezer.

Look at small flatshares if you don't fancy a house share. Plenty of 2 bed 2 bathroom places around.
Though rents are falling and you might pick up a cheap studio at the moment.

Just saw you mentioned Stratford - look at Wanstead, Snaresbrook, Walthamstow. I have lived in this area before and enjoyed it. Quick access to the centre of London but also lots of nice green space around.

I live in outer London on that salary.

I was in a house share for just 800 per month including bills and this allowed me to save a significant amount. I now live in a 1 bed for 1100 rent per month excluding bills and am still able to save a little bit each month.

I do live a fairly frugal lifestyle and in particular don't do much shopping or have major expensive purchases, but I don't have to miss out on normal because of finances. I don't budget as such and my bank account is slowly but steadily increasing.

Hopefully giving you the figures above might help you to compare to flats you might be looking at. It does obviously depend on your other outgoings though.

Yes. I’m on 45k and rented a small one bed for 900 in tooting. It was 990 but the landlord decreased the rent of his own accord! Unusual, but it is worth negotiating. With bills it came to about 1200 and I was able to save 400 a month. I was also able to get a mortgage for a 200k one bed flat with a 10% deposit - not bought yet as lockdown keeps slowing things

Hi OP,

I know that you mention that you'd prefer not to house share but it is a great way to make friends and meet people in a new city. If you did have concerns you could try moving into a flat share with just one other person. This will make things cheaper for you leaving you more money to go out and make the most of loving in this great city (post covid/lockdown of course)

You mention that you need to commute to stratford which is on the East side of London where can be cheaper that if you lived in west london.

I think £40k in London is defiantly doable but you wont be able to save a great deal.

Good Luck with the move. London is a great city to Love in at 27! : )

I definitely think it’s doable, but agree it’s worth considering a house share - you’ll meet people, save cash and likely have a shorter commute. Either way, it’s worth thinking about commuting costs - certainly if you’re going beyond the tube zones, but actually in general. I have swapped public transport for my bike over the pandemic and won’t be swapping back: saving zone 1-3 commuting costs is significant and London has enough cycle lanes and volume of cyclists for my bike to feel safer to me than in other cities.

I rented a really lovely one bed flat for £1000 a month about five years ago. In zone six but I still enjoyed the London life. Went out in central London after work, travelled in by tube at the weekend. Whenever I was at home it was a lovely safe home, and all mine. By the time I got to my early 30s I really didn't want to house share

Thank you everyone, I will definitely look into sharing with another person. I think realistically it will be a struggle otherwise and there won't be much left over to spend on exploring and enjoying London. I'm really excited but also nervous to make this step, but you have helped immensely, I will also look into the areas you have suggested.

Are there any areas that would be close to stratford but also reasonably easy to get into central? I have looked at mile end although I have heard its not the safest of areas

Hi OP, i live in stratford. Flatshares in this area are about £600 for a double room.

For good areas, you're going to want to live near a station like stratford itself(central, jubilee, rail etc), the dlr (abbey lane etc) or tfl(maryland & forest gate). Most stations will take 15+ minutes to get to zone 1.

My DD has just moved to London and is in a lovely house share. She earns £21k and seems to be managing fine.