We’ve switched our classes to live online. For more Covid-19 updates, click here

London rent concern for young professionals

London rent concern for young professionals

Rentals in London are now so high that even young professionals in the financial sector are unable to keep up with costs, despite the average wage being 30 per cent higher than in other sectors.

Business experts have warned that rising costs could affect the city’s role as a leading financial centre, as young bankers may end up being unable to afford to continue living in the city.

Government data showed that the median monthly rental cost in London is now £1,400, nearly three times more than the cost of living in northeast England. According to data released by estate agents Your Move and Reeds Rains in December 2015, London rental costs have increased by an average 5.3 per cent every year since 2011.


Deloitte partner, James Ferguson, said that increasing costs are a problem for all young professionals in the city.  

“Having affordable housing and bringing in a new breed of professionals to London is important. If we want London to thrive for professional and financial services we have to create housing,” he said.

Young financial professionals that are hoping to come to live and work in London could also be affected by a Brexit. Experts previously warned that the financial sector will be hit the hardest if the UK leaves the EU.

Helping hand

Companies in the financial sector are now looking at ways in which they can give their employees a helping hand, whilst some have advised London employees to move to a job outside of the city or out of the country altogether. 

Other News

How strategic business planning can help you through 2020?

Every business operates with the goal of growth, but only a few manage to beat the competition at every curve.…

5 Benefits of Studying a miniMBA

Gaining a managerial role is a dream come true for many, but senior positions require serious upskilling. While pursuing a…

How to Turn Your COVID-19 Solution into a Viable Business

Despite the hardships faced by many businesses during the COVID-19 pandemic, there has never been any shortage of innovative entrepreneurs.…

Back to top