It’s now cheaper to stay in a hotel than rent a flat in central London
As the London housing market turns surreal, people are starting to go to the extremes: commuting from Barcelona to London, renting a shed in living rooms, a bed in kitchens and cupboards, and now even five-star hotels.
That's right. Apparently it could be better value to live in a five star hotel than rent a studio flat in parts of London.
That's according to new analysis by lastminute.com, which found that the average rent rates for studios in the City are far more expensive per week than some of the area’s luxury lodgings.
While central London rents have increased by seven per cent over the last year, the cost of staying in five star hotels in London has dropped by almost five per cent.
Rents for furnished studios in the City come in on average at around £848 per week, but a stay at one of the booking site’s “top secret” hotels there would save hundreds of pounds at a rate of £601 for the week.
Your money could go even further in tech-centre Shoreditch. While the cost of renting a studio comes in at the devilishly pricey £666, a hotel stay in the area costs £420 a week.
That’s not even including the savings made on bills, council tax, wifi and even a hot breakfast (and no washing up).
Bonus points given if your hotel has an on-site gym.