The cost of renting in London is a notoriously unfunny joke. For the bright-eyed young people moving there for work, it's a necessary evil – a price to pay for the wealth of opportunities on offer in one of the world's greatest cities. But after a while, handing over a sizeable chunk of one's paycheque to a (potentially dodgy) landlord starts to grate. So it's no surprise that many people are asking themselves if it's worth it and deciding that no, actually, it's not.
Record numbers of renters are fleeing the capital – the highest rate since 2007 – to rent elsewhere, according to a new study. Ten years ago, more than half (51%) of London renters upped sticks in order to buy a property, but that figure now stands at just over a fifth (22%), according to the data from Countrywide. More than 50,000 people have left London in the last year to cut their rent – so where are they all going?
Well, it seems Slough really might have something going for it. A recent ranking named the post-industrial commuter town as the best place to live and work in the UK – much to the internet's disbelief – but more people are moving there from London than anywhere else. More homes (46%) in the area are let to tenants coming from the capital than anywhere else in the country. David Brent really was onto something.
Thurrock in Essex and Broxbourne and St Albans in Hertforshire, all of which are within commuting distance of the capital, are also popular destinations for renters leaving London. “London rents have risen more than anywhere else since 2012 so tenants can now get a lot more for their rent outside the capital, which is a big incentive to leave,” said David Fell, an analyst at Countrywide, the Telegraph reported.
While renting may be cheaper in these areas, the financial (and time) cost of commuting is worth bearing in mind if you're thinking about making a move. Here are some other places to consider.
The top 10 places renters are moving to after leaving London
4. St Albans
9. South Oxfordshire
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