Cost of Living in Southwark: Rent, House Prices, Council Tax and Pay
Renting the average home and paying Band D council tax uses about 82% of the take-home pay on the median full-time salary (£2,638 of £3,214 a month).
| Cost | Southwark | More detail |
|---|---|---|
| Average house price | £572,478 | House prices |
| Median full-time salary | £48,681 | Salary |
| Take-home pay a month on the median | £3,214 | |
| Average private rent a month | £2,474 | Rent |
| Council tax, Band D, a month (12 payments) | £164 | Council tax |
| Mortgage on the average home a month (10% deposit) | £3,057 | at 5.15% over 25 years |
What the numbers add up to
- Renting the average home and paying Band D council tax uses about 82% of the take-home pay on the median full-time salary (£2,638 of £3,214 a month).
- A mortgage on the average home with a 10% deposit would cost £3,057 a month, 100% of take-home pay once council tax is added. The house price is 11.8 times the median full-time salary.
These are averages and medians for the whole area, so your own costs will differ. The comparison of rent with pay is illustrative: the rent figure covers all tenancies, and the median is for full-time employees.
Work out your own budget
Sources: HM Land Registry UK House Price Index, ONS Price Index of Private Rents, ONS Annual Survey of Hours and Earnings and the official 2026-27 council tax releases. Each page above gives the date and licence.
Frequently asked questions
What is the cost of living in Southwark?
In Southwark the average house price is £572,478, the average rent is £2,474 a month and Band D council tax is £164 a month, against a median full-time salary of £48,681.
How much of a typical salary goes on rent in Southwark?
Average rent of £2,474 a month is 77% of the take-home pay (£3,214 a month) on the median full-time salary.
Is it better to rent or buy in Southwark?
Rent averages £2,474 a month, against about £3,057 a month for a mortgage on the average home (before upkeep). The right choice depends on how long you will stay. Try the rent or buy calculator.
Figures are for the 2026/27 tax year from official sources and are estimates for guidance only, not financial or legal advice. Printed from ukanswers.co.uk.