How much does it cost?

Average rents

Average rents based on three bedroom properties shared between three tenants.

Except Olympic Park, Holborn and The Strand, which are based on two bedroom properties shared between two tenants. All rents are ‘per week’ and not inclusive of bills.

Utility bills

You may be aware of the current energy crisis which is causing unpredictability and a rise in utility costs.

You should take into account when budgeting that you may end up paying more for utilities in the year than you expected to, and so you should keep some extra money aside.

Here are some tips to reducing your utility costs in these uncertain times:

Consider changing to a fixed energy tariff so you can fix your energy costs for the year. This will give you some certainty and help when budgeting. You should check your contract before doing so as you may need to ask for permission to do this if it means changing supplier.
Save electricity by turning off appliances instead of leaving them on standby.
Unplug your chargers and turn switches off when they’re not in use.
Buy low energy or LED light bulbs.
Make sure you receive and check the property’s Energy Performance Certificate. A low rating means the property is not energy efficient and you will end up paying more for utility costs that you won’t be benefiting from.
Check your contract to make sure you are heating your home in line with your obligations, as you may be breaching this and unknowingly causing damage to the property that you may potential become liable for.
If your utility costs are included in your rent, make sure you ask the landlord for proof of the bills to make sure they are not overcharging you.
If you have problems with affording your utility costs, you can contact The Mayor’s Warmer Homes Advice Service which offers free telephone support on both the financial help that’s available and energy-saving measures.
You can also speak to your provider if your struggling to pay your bills as they can help set up a payment plan that will spread your costs and hopefully make it more easier for you to settle the bill. Don’t ignore bills or letters about money you owe.

Divide the named person on bills
Be aware that the person named on the bill will have legal liability for the utility bills and will be pursued if the bills are unpaid. If you are in a joint tenancy, it may be possible to add more than one name on the bill but this is not always possible. If not, you may want to divide the bills so one person is on the water bill, the other on the electricity bill and another is on the gas bill. Having an agreement between you on how you will split the costs could help to avoid any issues later.

Budgeting tips

We understand that many people are struggling to cope with the rise in cost of living.

Budgeting can help you keep track of your spending and see whats affordable for you.

You can work out a budget using a budget calculator at:
• UCAS
• Save the Student

Budget for all your spending

Housing costs
Books and other study costs
Food/groceries/takeaways
Travel
Socialising and interests
Unexpected events or emergencies

Try the budget first to see if it works – if it doesn’t, go back and readjust it.

Things to watch out for

If you overspend, don’t give up! Find out where your spending is high and see if additional savings can be made elsewhere
Upfront costs, a security deposit of up to five weeks’ rent at the start of your tenancy + one month’s rent
Budgets change from month to month, you could be spending more on books at the start of the academic year and your heating bill may be higher in the winter
Sometimes landlords might include bills in your rent. It might be simpler but doesn’t mean it’ll be cheaper!

Sample housing budget

The sample is based on three people sharing a three bedroom
home in Kentish Town.

Utilities	Annual cost per household	Per person per week
Rent	£28,704	£184
Water	£432	£2.77
Energy	£2,074	£13.29
Broadband	£288	£1.85
TV licence	£159	£1.02
Contents insurance	£94	£0.60
Total	£31,751	£203.53

The above figures are based on data from the following sources:
• Compare the Market
• British Gas
• UK Government
• MoneyHelper
• Money Saving Expert
• Thames Water
• The Money Charity
• TV Licensing

Other costs to factor in

Transport
See our getting around London section for further details on transport costs.

Books and stationery
Second-hand books are cheaper. Fresher’s Fairs and other events offer a plentiful supply of free stationery!

Food
Save money by preparing meals from scratch and buying non-branded products in supermarkets

Other essentials
For example, toiletries, clothing, laundry costs

Mobile phone
Good deals can be found on price comparison sites like:
• Money Saving Expert
• Bill Monitor

Going out
Find out about free events and activities at:
• Time Out
• Londonist
• London for free