Over the past few years rent in London has gone up eight times faster than the average salary which is obviously going to cause major problems.
The demand is partly fuelled by the buying market as prices here are steep also forcing more people to choose to rent - which is silly really as with borrowing rates super low its far, far cheaper per month to buy.
The Standard reported that :
"Last month the average monthly rent in London stood at £1106, a rise of 7.9 per cent in a year and the highest level ever recorded, according to the latest Buy to Let Index from lettings agency network LSL Property Services."
So what to do?
Well, here are some of our suggestions :
Live on a house boat - you may have to change your moorings pretty often but you'll be central enough and bills are cheap. Plus you can buy your own boat for around £40,000 - that's a loan rather than a mortgage.
Get a camper van and borrow a wealthier friends parking permit - get a parking permit for a borough from a friend that lives there and simply choose your roadside abode. It may be a little pokey but your living expenses will be peanuts.
Set up a tent in the park - this will obviously just be a summer option and you will have to be crafty to avoid park patrols that might try to move you on. However what a lovely summer home it would be - just watch out for any drunks left in the park after hours or tramps that may find your cosy tent rather appealing.
Refurb a disused public toilet - you know - those ones under the road that some have turned into bars, clubs or coffee shops. No one uses them anyway so who would notice? Get your DIY on and make it a home.
Get a live in job - become a nanny or a cleaner or a cook or run a pub and get your home for free!