Alternatives to Renting In London

The Rising Cost of London Living

To fully appreciate why alternatives to renting are worth exploring, it’s important to understand the current state of London’s rental market:

• Average Rent Prices: As of 2024, the average monthly rent for a one-bedroom flat in London is around £2,200, and for a two-bedroom flat, it’s approximately £2,800. Zoopla and Rightmove offer detailed insights into these trends.
• Cost of Living Crisis: Inflation has significantly impacted living costs. According to the Office for National Statistics (ONS), essential expenses such as food, transportation, and utilities have surged. With the average salary for a Londoner around £35,000, many are struggling to balance their budgets.
• Rental Demand vs. Supply: The Greater London Authority highlights a high demand for rental properties amid a constrained supply, which drives up rents and intensifies competition in the market.

Property Guardianship: An Affordable Alternative

What Is Property Guardianship?

Property guardianship offers a cost-effective alternative to traditional renting. It involves living in a property that is temporarily unoccupied and may be used as a security measure with the guardians keeping the building safe and in good order, and deterring potential problems such as squatters and vandalism. As a property guardian in London, you typically pay a monthly fee of £400 to £600, which is significantly lower than the average market rent.

Key Benefits of Property Guardianship:

1. Cost-Effectiveness: Lower monthly fees make this a budget-friendly option.
2. Flexibility: Shorter notice periods and rolling agreements offer greater flexibility.
3. Secure Accommodation: Helps maintain and protect properties.
4. Unique Living Spaces: Opportunities to live in converted offices, former schools, or historical buildings.
5. Community: Shared living spaces can foster connections with like-minded individuals.

For more information about property guardianship with LOWE, click here.

Other Alternatives to Renting in London

House Sitting:

House sitting involves staying in someone’s home while they are away, in exchange for taking care of their property and pets. Platforms like TrustedHousesitters connect house sitters with homeowners. This arrangement often comes with no rent, but you might need to cover utilities and other living expenses. It’s an excellent way to live rent-free while experiencing different areas of London. However, for those looking to work in the capital the instability of this arrangement and having to move from place to place may not be particularly appealing.

Co-Living Spaces:

Co-living spaces are shared accommodations where residents have private bedrooms but share common areas like kitchens and living rooms. Companies such as The Collective and WeLive offer co-living solutions with flexible lease terms and included amenities. This model combines affordability with community and often provides additional perks like events and networking opportunities. While this can be a fantastic way to secure a more affordable rent, some people prefer having their own space and the option to really make their house a home. In this arrangement you also cannot select who you live with, which may also seem daunting as it can be pot luck as to who you end up sharing the space with.

Social Housing and Affordable Housing Schemes:

For those who meet specific eligibility criteria, social housing and affordable housing schemes offer subsidised rents. London.gov.uk provides information on applying for these schemes, which are designed to assist individuals and families on low to moderate incomes.

Renting a Room:

Renting a room in a shared flat or house can be a more affordable option compared to renting an entire property. Websites like Spareroom and Flatshare offer listings for room rentals, often with lower costs than traditional one-bedroom or studio flats. This option can also provide a social aspect and a sense of community.

Short-Term Lets and Temporary Rentals:

Platforms like Airbnb and Booking.com offer short-term rentals that can be less expensive than traditional leases, especially if you’re looking for temporary accommodation. This can be a good option for those who need flexibility or are in the city for a short duration. However, for those wishing to settle in the capital, a short term rental agreement may seem stressful, and the costs of moving from place to place can also add up.

Living with Family or Friends:

If possible, living with family or friends can significantly reduce your housing costs. While it might not offer the independence of living alone, it can provide a temporary solution while you save money or look for more permanent arrangements.

Property Guardianship – the best alternative to renting in London

With the high cost of living and competitive rental market in London, exploring alternatives to traditional renting is both practical and necessary. Property guardianship, along with other options such as house sitting, co-living spaces, social housing schemes, renting a room, short-term lets, and living with family or friends, provides various ways to make living in London more affordable.

Among these, property guardianship stands out due to its cost-effectiveness, flexibility, and the unique opportunity to live in diverse and interesting properties. If you’re a young adult seeking an affordable and dynamic way to experience London, property guardianship with LOWE Guardians could be the perfect solution.

Here’s a little bit more about how to become a property guardian:

The Process of Becoming a Property Guardian

The process to become a property guardian generally involves the following steps:

• Application: You’ll need to apply through a property guardianship company, such as LOWE Guardians. The application will require details about your background, occupation, and reasons for wanting to become a guardian.
• Interview and Vetting: Following your application, you may undergo an interview process. This is to ensure that you meet the criteria and are a good fit for the property and the role of a guardian.
• Placement: Once accepted, you’ll be matched with a suitable property. The agreement typically includes a nominal fee and a set of responsibilities related to maintaining the property.
• Living as a Guardian: Your role will involve adhering to the terms of the guardianship agreement, including property upkeep and security. In return, you enjoy a lower living cost and a unique housing experience.

For more information on property guardianship and other affordable living options, visit our Property Guardians section here and explore how you can make the most of living in London.