How much to live in London as a single person, 2024?

[Eggsandmarmalade]

In the early 2000s, I lived in London. I worked in publishing, starting off in the low £20Ks and finishing on £30K. I was mostly single and lived alone, in a tiny studio flat the size of a very small study bedroom (single bed, hot plate, bar fridge, chair and tiny counter top). The floorspace was the size of a yoga mat. Looking back, I can't quite believe it was legal, and my friends couldn't believe I lived there, but living alone was important to me. The mini-flat was centrally located, and I could walk to work. I had money to travel, which was also important to me. Even if I'd saved it all, it wouldn't have amounted to anywhere near the deposit I'd need to buy a place on my salary. Eventually, I gave up on London and moved north. I couldn't see any prospect of improving my standard of living.

I go through phases of London nostalgia and often feel as if I'm missing out by not living there. I still work in publishing, with an average salary. A short rummage on Rightmove sets me straight fairly sharply.

How do single people on average salaries live in London these days? Are middle-aged singletons who don't work in finance all living in house shares in Zone 6 or on houseboats?

How much would a single person, car-free, need to earn to live reasonably (not luxuriously) in London these days? That is, 1BR flat in a reasonable neighbourhood, (non-five-star) travel, being frugal but not counting every penny?

Just curious. Obviously people have very different ideas about 'reasonable' and very different bottom lines.

Yes house sharing and he is doing it now

The big factor is whether the OP wants to rent or buy. There are a few options, depending on the OP's medium/long-term goals and whether moving to London is a permanent commitment.

1. Keep the flat in the Midlands and rent it out to professionals. This will save on the extra fees of selling it and help you build equity. You will need to check with your mortgage provider, though.
2. Rent a flat in London. Use the rental to pay off your mortgage and put any extra towards your London rental. I understand that may not be possible if you have a high mortgage, though.
3. Sell the midlands flat and buy in London. Lots of money is wasted on fees, though.

One bed flat in Zone 3 near tube/train. - appx £1500 - £1800 without bills.
It costs around £300K—£350K to buy. I think a base salary of £45-50K is the minimum to have a decent quality of life nowadays. A few years ago, it could have been done for around £30Kish, but not as a single person in a one-bedroom/studio apartment. That's to rent; I am not sure what the requirement would be to buy/get a mortgage.

Ways to save if it's a one-bedroom you need and most of your salary is going on rent:

• If you can work from home some or all days, you could save on the commute to work. Cycle culture is cost-effective.
• Pubs, bar culture, and social habits have changed since COVID-19. There is no longer a massive after-work drinks culture.
• Also, there are some significant initiatives around London to save on food bills and wastage—fresh, reduced items delivered straight to your door to limit waste and always an excellent yellow-label deal!
• There are lots of free activities around to cater to all tastes.
• An apartment is cheaper to keep warm vs a house (I don't know OP's situation in the midlands)

I echo what a PP has said—it is hard to live independently and on a modest salary. My friends were on key worker salaries, all in professional flat shares. They were able to have a decent social life and lots of hobbies. I knew of older single ladies lodging with people they knew from work. They seemed content with the set-up, as the location was ideal. Others converted their loft in their large family homes to rent to singles - it was still cheaper than a place on open rent.

It's not one size fits all - we all have different priorities and are willing to forgo some sacrifices. London is a fantastic place and probably the best place for an older single woman in a vibrant city- there's always something to do and something for everyone for every budget. You will have a broader range of meet-ups with like-minded people. It is SO expensive, but I guess that's where other parts of your life may need adjusting to make it work!

Good luck OP :)

Thank you, TrickyTrifle. I'm actually in Scotland, and my heating bills are insane (I didn't grow up here and I'm not acclimatised). What you say about being an older single woman absolutely nails it. In smaller cities, there are simply fewer opportunities to meet like-minded people, and life is a lot more car-dependent. I'm still 10+ years off retirement, but I need to start thinking about where I want that to be. It can take a while to settle into a new place, especially on your own, and having a community is vital. I've moved around quite a bit over the years, and that makes it harder to feel settled anywhere.

I started living on my own when my earnings reached £55k.

1-bed flat in zone 2 with outdoor space.

Yes, no one I know in London is on a high salary, and we were all born here. Most of us have social housing though, as that's always been the norm for working and middle class families in London, or my generation (40s) are often still living with parents, in houses bought in the 80s when it was still affordable on a middle class wage (parents who were (now retired) teachers, nurses, etc.).

When my friends from outside London graduated and moved here in the 90s, they had to find house shares in zone 3 and had very little to live on after rent and fares.

I know of a one bed flat near Selhurst station with an asking price of £215k that has been on the market for ages. So i think reasonable (by London standards) places are still out there. And by reasonable i mean not costing over £300k. They are just much harder to find and probably need more compromises that people are willing to make now (see your point about living in a totally grotty mini flat).

@Chipsintheair I'm currently in London visiting a friend. He's like you - born in London with elderly parents still in London. Like you he's in his 40s, but never got social housing or was able to buy. He private rents.

He's a single man without children so I guess, as a single healthy person, low priority for social housing.

However he has friends and relatives including some older than him - both women and men, also born in London and who also have never had a chance of social housing. All low to medium income - some disabled and vulnerable (so really should be in social housing). Not every older vulnerable person can live with parents for various reasons. And they can't apply outside of London because of local connection eligibility rules.

Sorry OP I don't want to derail your thread. I really hope you find somewhere you feel happy in, whether where you currently are or somewhere else. I think it can be tough as an older single woman but there are places outside London that might work for you.

Just me personally but I wouldn't want to swap a house for a flat because of service charges (although if you look at smaller blocks there's the chance of a share of the freehold with the other owners). I also definitely wouldn't swap the security of owning for renting, unless desperate circumstances.

I admit I'm not single so can't really know but I know a couple of people who are (in their 40s) who moved to university cities because they found it easier to meet people. With a university there's other people new to the area including nature students and academics starting new jobs at the universities. Might be worth looking into as possible places to move to? I do hope you find somewhere you feel happy and part of a community. X

Speaking from my experience, I reckon you need 60k + these days in London to live as you described in private accommodation OP. 15 years ago it was possible to get a decent studio for less than £1000 , unfortunately not anymore.

Single, mid 40’s, professional, been living in central London for 10 years, live by myself in a small studio, I rent, make 50k a year, live a very very frugal life, no dependents, my clothes are bought used on vinted, no car, public transport, one holiday a year in the Mediterranean , never go out to restaurants/shows, have no debt.I struggle a bit, I just “get by”, the only reason I’m able to survive living in central is because I lead an extremely frugal life and have no dependents.

I'm on £48k and get by. I have a DD to support though.

Yes, it's particularly hard for Londoners who haven't family homes or help. My generation were on the cusp, at a time when social housing was becoming scarce. Now it's very hard indeed. Having said that, I know disabled people who have been able to get social housing tenancies. It probably depends on borough as well as need.

Thank you, Windchimeandsong. x

£50K and just getting by, yikes. I'm guessing you spend at least half, if not more, of your salary on rent?

I have a friend, very late 40s, who recently bought a flat in zone 4 as a single person, about £280k I think. She did save a big deposit over a long period of time by living in shared houses (but the other sharers were of a similar age/stage in life). I don't think she's had any other help. She's now managing a mortgage and a good social life (and a cat!) on about £55k. She's very happy now but I know it's been a hard slog to get there. It is hard to be single financially in London, even if being single is what you truly want.

Other friends and colleagues (including an older divorced colleague) have gone for shared ownership. I think this is fine for some but you need to understand how it works. My colleague is not too worried about staircasing or "leaving an inheritance" as her kids are independent and will be much wealthier than her. It has meant she can afford a better home, not too far from work and where she wants to be. She's certainly happier than when she was married.
(Edited to add that the colleague in shared ownership has a 25% share in a zone 3 flat and earns £42k).

Yes, unfortunately half of my salary goes on rent, I pay 1,800 for a tiny studio in central London, madness I know (normal average price for a small studio in my area nothing fancy) but for very specific reasons I need to be very close to my job 😞