It’s no secret that the rent is going up at a concerning pace throughout the UK and especially in London. However, real estate expert Nick Millican has noticed that even though things are tough for renters overall, there are a few exceptions to the rule that they can take advantage of. Specifically, the affordable rate tends to differ by borough in London. By making smart decisions based on one’s income and budget, it is possible to live in an area where the rent is affordable.
5 Most Affordable Boroughs by Deficit
Using his insight into the renter’s market, Nick Millican has identified the five most affordable boroughs by deficit. What he means by “deficit” is the number that results from comparing one’s budget vs. the rent.
Nick Millican explains that by taking the average for each borough has given us the top five most affordable areas as follows:
Lewisham
Richmond upon Thames
Waltham Forest
Barking and Dagenham
The Benefit of a Mixed Bag
If you’re familiar with London boroughs, real estate agent Nick Millican states, then you’ll probably notice that the top five most affordable areas by deficit are a mixed bag. You’ve got posh areas like Richmond upon Thames as well as poorer areas like Barking and Dagenham (Twitter).
Successful business leader and real estate expert Nick Millican sees this as a good thing since it gives people of varying income levels options when it comes to finding an affordable place to rent. Also, it means that finding an affordable rental isn’t just about your income or where you live, but rather finding a balance between these two factors.