I’m tired of rent prices in London. Will we save money if we move to Leigh-on-Sea or Margate?

I’m fed up with paying rent in London and want to try and move somewhere cheaper so I can save money for a deposit to buy my own house.

The chances of me being able to buy anything in London are slim, so I want to try another location before hopefully buying anything there.

I would like to live by the sea and have heard good things about Leigh on Sea, in Essex, and Margate, in Kent, and that they are both on the rise.

My girlfriend and I currently pay £2,200 a month for a two-bedroom apartment in Finsbury Park, London, and travel to central London for work.

We work in London and both have to be in the office three days a week, so we would have to travel by train. Would we actually save money by moving? What should we take into account when developing it?

Trading Places: Our reader wonders if they will save money by moving to a coastal town and commuting to London three days a week

Ed Magnus from This is Money answers: It’s wise to ask this question, especially if you have to pay so much in rent every month.

Rents are rising rapidly. In the past three years alone, the average rental property in the UK outside London has risen by 27 percent from £853 per month to £1,084 per month, according to the HomeLet rental index.

In London alone, the average rent increased by 37 percent over that period, from £1,580 per month in April 2021 to £2,167 per month in April this year.

Rising rental costs will not only put additional pressure on many people’s daily budgets, but also hinder their ability to save to buy a home.

It is not surprising that some people consider moving to cheaper locations outside the capital.

But while the cost of rent in London is high, commuting by train can also be very expensive, especially if you have to be at work at 9am.

This means you need to weigh up the cost you save on rent by moving to a commuter town like Margate or Leigh on Sea against the cost of travel.

But it may also be that your lifestyle is cheaper in another city. London is an expensive city to live in, and the costs of meeting friends and going to events can be high.

You may be able to save on certain costs that were important in London, but are no longer possible elsewhere.

Does moving to Margate save money?

For anyone who works in London but would like to live by the sea, Margate could be a good option.

The Kentish seaside town has become popular with creative types and is now full of buzzing cafes, retro shops, art galleries, restaurants and bars, not to mention the sea and beaches.

According to Rightmove, the average double room in Margate is available for £952 per month. That’s less than half of what our reader in London pays.

Although rising rents and housing prices are high in this country, traveling by train is also very expensive

However, you should be prepared for a fairly long journey to work. Depending on which train you take, you could be on the road for over two hours.

And the tickets aren’t cheap. The anytime day return costs £95.20, or there’s a cheaper option of £80.90, but only for a few selected journeys.

If you opt for the £95.20 ticket three times a week, that would cost you £285.60 per person. Over the course of a month, that could cost you £1,142 per person, which works out to £2,284 per month in total.

However, if you are 30 years or younger, you are eligible for a youth rail card. Unlike many other types of rail cards, these can be used during peak times.

In this case, a return between Margate and London at any time should not exceed £62.80, which would reduce the monthly cost to £753, or £1,506 combined.

On that basis, you would lose a total of £262 per month if you moved to Margate, compared to your London rent.

Moving to Margate? Pictured: Seating in an open-air street restaurant on a beautiful summer day in Margate. The town on the southeast coast of England is known for its sandy beach

Check season tickets

If you only work in the office three days a week, there is often a good chance that a subscription will not be profitable.

But in the case of Margate, you are actually much better off if you go for the monthly subscription.

The cost is £658.60 per month (£1,317.20 in total), but you won’t qualify for further discounts, even with a railcard.

But despite the savings on rent in Margate, you will still be worse off if you move there due to the high travel costs.

Staying in your £2,200 apartment in Finsbury Park will save you almost £69.20 a month.

The above calculations do not take into account tube travel across London, but we can only assume that you will have to pay whether you live in London or not – as you will have to get from the train station (Victoria, London Bridge or St Pancras ) come. to your office.

Does moving to Leigh on Sea save money?

Leigh on Sea in Essex could be a more convenient alternative to Margate, as it is closer to the capital and only a 45-minute train ride to London Fenchurch Street.

According to Rightmove, the average rent for a two bedroom property in Leigh On Sea is £1,652 per month.

Like Margate, Leigh is now home to a vibrant community of designers and artists. There is a beach, some pubs and lots of fresh seafood.

A return any day from Leigh On Sea to London costs £22.40. Travel by metro is not included.

Leigh on Sea is another popular English seaside resort a short distance from London

This would mean that you pay €67.20 per week for three days. That could mean paying €268.80 every month for your commute. Doubled between the two of you, that would amount to £537.60.

Taking into account your current rent in London’s Finsbury Park and the extra cost of the train ticket, you can save just £10 per month by moving to an average two-bedroom apartment in Leigh on Sea.

With a railcard, your combined monthly costs for train travel are £354. So in this scenario you will save £200 per month by moving to Leigh on Sea.

As you both work in the office three days a week there is no point in buying a season ticket as it works out to be more expensive in Leigh on Sea than in Margate.

But if one of you goes to the office five days a week, a monthly pass costs £411.30 per person, excluding the Tube.

What other locations could they consider?

Ultimately, a lot will depend on the type of home you are looking for. If you can find a bigger and better property in one of these coastal towns for half the price of an equivalent London apartment, then it could be worth it, whether you save or not.

Likewise, if saving is more important than the type of apartment you live in, you may decide that moving to a smaller house or a cheaper area of ​​London would be a worthwhile temporary sacrifice.

If you’re looking to live by the sea, there are many coastal towns within easy reach of London to consider, including Brighton, Southend on Sea, Hastings and Worthing.

According to Zoopla, the average rental price in Brighton is £1,587 per month. Brighton is just over an hour from London by train.

In Southend on Sea, the average rental price is £1,119 and the journey time from Southend Central to London is almost 1.5 hours.

Rental properties in Worthing in West Sussex are available on average for €1,153 per month. Train journeys from the seaside resort to London take almost 1 hour 30 hours, but can also take longer.

Rental properties in Hastings in East Sussex are available for £1,021 on average. Travel to London can vary from an hour and a half to over two hours.

Richard Donnell, Chief Executive Officer at Zoopla, says: ‘If you’re looking to move and are looking for a better price, it depends on the rental levels available at commuter train stations.

‘Rents have risen rapidly in recent years as tenants want more value for their money. Therefore, the potential savings may not be as great as you hope, especially when you factor in travel and other living expenses.

‘It is important to be clear about the number of days you have to travel.

‘There is also a desire to get a little more house than you have now, which means you can save less.

‘Try to research the market and find the balance between a nice rental property that is not so expensive that you don’t have any money for it.’