London living costs

[Deleted User]

Rich2808 said:

Deleted_User said:

tbo127 said:

Deleted_User said:

If you flat share you could do it, might be tight and not a lot to save.
edit: Sorry I misread that, it is £1420 after all deductions? Then yes, clearly that is sufficient. If I were you I would be saving most for a house. That's what I do!

What is your annual salary? 

Annual salary before tax is 45k. In terms of lifestyle, I don’t spend much on clothes, nice things etc. Most of my disposable income spending is on food, holidays, sports and socialising. I.e. I spend more on experiences rather than on material goods. 

Plenty of money!!!
 The average London salary is "only" 37k. I'm on 35k and manage to save £1250 a month, the rest on costs. You should be able to have a decent life on that.

If you only earn £45,000 to be fair you are going to have to do a lot of saving to be able to afford a house in London or anywhere nearby to be fair. Even a basic one bed flat in a less desirable area like Dagenham would need you to have savings not far off £80,000+ assuming a four times salary mortgage.
Average salaries don't mean much in London - as a third of residents rely on state support via social housing or HB to pay their rents - in terms of housing affordability. 

Yes I think you would need at least 100k, it certainly is what I plan to save before I buy, maybe more. You can get a place for 280-300k, one bed flat at the moment.

TheShape

On the subject of prices in East London £220k would give a fair choice of one bed flats across Dagenham, Chadwell Heath and Romford.

ratechaser

TheShape said:

On the subject of prices in East London £220k would give a fair choice of one bed flats across Dagenham, Chadwell Heath and Romford.

Although there might be a good reason for that! My own first property in a different part of London was also cheap and a short commute to to work, but it was, let's say, "up and coming". 20 years on, it still is!