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London rents and % of income

 
#1 London rents and % of income
04/07/2012 16:14

iwe1

Hi all,

I am about to move to london and curious about the rents. Looking at 1 bedders I am realistically going to be paying 1200+ pcm.

Going to be on a consulting salary of 60k (+15k bonus which seems to be a 50/50 chance of getting). This is aprox 25% of my gross basic pay. Is this a little too indulgent? I really want to a one bedder but may also look at sharing, effectively cutting my rent by 500 pcm.

I know it really depends on what I want to save but surfice to say I am 28, single and prob looking to get on the property market but not in the next year etc

So, what % of gross do you consultants pay on rent? I just want to try and benchmark my outgoings and understand if people are actually rincing money on rent like I am expecting to do.

Thanks

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#2 RE: London rents and % of income
04/07/2012 16:33

iwe1 to iwe1 (#1)

Oh and along similar lines, how many of you jack in the monthly saving plan, with a view to just relying on your bonus?

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#3 RE: London rents and % of income
04/07/2012 16:47

marsday to iwe1 (#1)

Being realistic you wont be spending too much time at home so for now just get yourself into a share and cut your overheads down. 60K in London wont go far. Alternatively look at somewhere cheaper (plenty of recommendations on here if you search the threads) if you are set on the 1 bed place of your own. Frankly you'll be better off in a share for a while - give it 6 Months and see how it goes, make some new mates, get used to the new job with less hassle and stress. Then get the 1 bed place when you are more settled and have something of a life outside work.

As for monthly saving plan - nice idea but as I said 60K isnt a fortune in London and saving money will be pointless if you just wind up rincing the credit card as debt costs will far outweigh the gains from saving.

All in all, keep your overheads down for 6 Months, get settled in (at work and in London) and if the bonus comes put that aside towards a deposit on your own place outside London within commuting distance.

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#4 RE: London rents and % of income
04/07/2012 20:39

Rollercoaster to marsday (#3)

Don't forget your bonus will be taxed and NIed to 50% of what you thought it would be son won't be the big number you hope for!

You earn a decent salary, you can have a life, but it don't make sense to blow so much on rent. Go into a house share and meet some people, you are single so have some fun but save to get a deposit or get together with someone who already bought. If the house share is really too much then you can always move out to rent on your own.

I just bought a house on a comparable salary, but I did save up for years to have a very good deposit.

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#5 RE: London rents and % of income
05/07/2012 09:22

presidentbartlet to iwe1 (#1)

I was resentful enough at paying just over half that for a share with a mate when I was only in the place 1/2 nights a week. If you're spending all that money and you're never there you really will be kicking yourself!

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#6 RE: London rents and % of income
05/07/2012 10:16

iwe1 to presidentbartlet (#5)

Ok so the moral of the story here is

1) As a consultant you wont be spending enough time at home to appreciate a nice place, or a one bedder (in my case however 80% of client work will be in london) and

2) I just need to grow up and stop acting like a grad splashing all my salary - which is a depressing thought.

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