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.

I think yes if you are sharing. No for on your own.

Absolutely you can live in London on that salary, however it depends on what you mean by "first time living alone".

Renting your own flat in London on 40k will not leave you with much left over.

Oh and for context i'm on a similar salary, pay #1000 for rent & bills and save just about #800 a month (pre covid, it's more now).

It's do-able on that salary, especially if you don't mind a studio. It wouldn't leave much for saving though unless you were very frugal, which defeats the point of enjoying London a bit!

I lived in Poplar, which was not the safest area, but it was literally 30 seconds from the DLR station (Langdon Park) to the door of my block, so I never found it an issue! I also lived in a house share in North London which was brilliant, but I already knew one of the women living there, so I wasn't a stranger. House shares vary massively (and are far from student houses), but if you find the right one it can be great.

Look into flats/flat shares in the Olympic village - I have a couple of friends who live there and they love it. The flats are lovely too.

Definitely check out Walthamstow (direct bus links to Stratford and a rail link from Lea Bridge - alternatively it is an easy cycle), as well as Hackney / Clapton, Leyton (esp the Francis Road area), Whitehapel, Bow. Might be worth considering Stratford itself (lost of spacious new builds around there that are often shared by working professionals). These areas are all popular with people renting in their 20s and have restaurants, bars etc to match (as well as good transport links or Central London). You’ll find most people your age will be on similar money (or less). Good luck - it is an exciting age to be living and working in London (once things start getting back to normal post-Covid).

Fine, particularly as London rents are falling. Also depends whether 40k is your current wage or a London one where you can probably get more. Also if you think you can get a promotion or two in a couple of years which will make it even easier.

Would definitely recommend Walthamstow! Bit further out so much cheaper to rent than Hackney for a single person. Has lots of nice restaurants and and pubs (Orford Road particularly lovely), close to epping forest for walks. Lots of young people. And first stop on the Victoria line and easy to get to Stratford by bus or cycle.

@Whatishappy Mile End northwards towards Victoria Park is really nice, southwards a bit less safe. I know this area very well so feel free to DM me with any specific questions when the time comes.

Have a look at SpareRoom, it’s where literally everyone in the city finds flat shares.
Also definitely negotiate on the rent if you do decide to go it alone. Landlords are really struggling to fill London flats at the moment and lots of people who live alone have moved back in with their parents.

It’s definitely doable on that salary. I started living in London on £17k and managed, admittedly only by paying £500 a month for what was basically a cupboard and by having a very limited social life. It just really depends on whether you want to save (live in a houseshare) or spend a large proportion of your income on rent (live alone)

Mile End is hardly Kensington, but in terms of safety it's no worse than most of East or South London. Rent a non ground floor flat and I don't imagine you having any trouble at all.

Oh and I lived in London when I was 26 on 18k, ok I flatshared but still, 40k is overwhelmingly doable.

If you live alone count at least 1200 for a one bed, then 100+ for council tax, bills and travel card. Most your money will go on just that, just not worth it. If you're not keen on sharing try to find 2 bed to only share with 1 person. Still private but approx half the cost of living. At most a 3 bed and share with 2 (if no couples). You can then spend that extra money on yourself. This way you dont have to dip into your savings but can add to it :)

Mile End is not dangerous. I lived there (although long time ago now) as a single female and never had any issues, but it all depends on what type of area you want to be in. Mile End, Bethnal Green, Liverpool Street is more hipster area. What area will you work in? Have a look at tube map and figure out how much time (and money) you're willing to spend on commuting to work and then go from there

It's doable but you will probably spend your entire salary on your living costs and not be able to save. It's also likely you will have to be in a flat share or lower quality accommodation.

Mile end is really expensive, I live close to there. I’d recommend forest gate, plaistow, leyton or more east, snaresbrook, barking all commutable to stratford

Hi OP

I’m on 42k in London (Wandsworth area) with rent 900pcm and manage to also save each month. Was a little tight when having to commute into the city (but I wasn’t very frugal with other outgoings!)

Would say you’ll be fine :)

Its definitely possible. Plenty of people live here on less.

Do you want to live in London? Or want the job in Stratford? Maybe you could live in Essex and commute to Stratford (must admit I am not a fan of flat share's)

Flat shares don't always work out for sure, but most of my closest adult friends I met through either living with them or living with their friends in flatshare situations.

We did London (ish) on about 45k (charity sector). We lived in a nice area of Zone 6 in a 2 bed flat, so we sacrificed proximity to the city for space and a nicer area. We didn’t own a car and lived quite inexpensively, but we did not feel deprived in terms of daily life as we had enough for our needs plus some treats; we also had enough to save several hundred a month and have a holiday or two abroad every year. Generally felt we were doing okay. We left London for a different area and better paying work when we had children because it definitely was a squeeze when they came along.

I rented in London for all but two of the last 10 years on approximately the same salary. It depends entirely on where you want to live and how nice you want your surroundings to be. But definitely doable. I lived quite frivolously
Generally I paid 700-800pcm (inc bills) in a flat share and DP & I paid 1400pcm plus bills for a 1-bed flat. All zone 2/3/4 in North London.
It can be done more cheaply, especially if you're looking in East London, but you'll need to weigh up how nice the area is, distance to the tube etc. No idea what effect covid might have had on things.

You’ll be on a budget but should be fine. My cousin lives in London and earns 23k, which leaves her on a tight budget but she manages. She flatshares with two other women in their 20s and they seem to have a lot of fun! House sharing is a good idea if you’re moving to a new city, and it cuts down your bills quite a bit.

I earn slightly less and live in a 2 bed with my LO in zone 3 (Housing association with potential to buy). I rent and have enough left over on a good month to put away £400 - 600 a month. I think living in a house share you will be just fine.

I don't think that many of the people nay-saying are actually living in London, or haven't done so recently.

I actually live here, 40k is about average amongst my friends. Some of them live in houseshares and have about £200/300 more disposable income per month, others rent alone and have less.

There isn't much to do in London at the moment for obvious reasons, but once things open up I don't see any issues with you being able to afford to eat out a bit, go to the theatre occasionally, go to the cinema etc. Plenty of people manage well on less.

That said - I'd hold off on moving for a few months until you're able to actually enjoy what you're paying for.

Also someone further up said they know someone who is paying 1500 for a one bed without bills in Wimbledon. That is BONKERS. I paid 1450 to live in zone one!

Yes you can. Most of my friends are on less than that (around £25-32k mark and manage fine in flat shares).

I even have apprentice friends who managed it on £17k a year in 2019.

You'll be fine.