Costs and budgets

timeline

Before you start your search, you should consider what other costs you’ll have when drawing up your budget. The Money Advice Service gives information about the average utility bill prices across the UK and advises how you can find cheaper deals by switching suppliers.

Utility bills

Water

If you do not have a water meter you will pay a set yearly charge, but you can ask for this to be paid in monthly installments.

Electricity and gas

Utility companies tend to bill monthly or quarterly. Ask to be switched onto the schedule that works best for you. Ensure you provide actual meter readings so that you only pay for what you have used. 

Prepayment meters: If your property has a ‘pay as you go’ meter, you will have a key or card which tops up the meter with credit. You can top up at the Post Office or any local shop which displays the Payzone or PayPoint logo.

Broadband

Typically paid monthly; do look around for the best deal!

TV Licence

If you watch live TV, catch up service or streaming, you will need a TV licence. Currently £159.00 per annum. Find out more about TV Licence in our moving in sections

Insurance

Typically paid monthly. Look around for the best deals. Endsleigh are responsible for insurance in Imperial halls of residence. Their website is www.endsleigh.co.uk

Cost of living

Get information about the cost of living in London, money saving tips and advice on where you can access financial support if you need it from the College’s cost of living website.

Protect yourself

Arm yourself with knowledge to avoid becoming a victim of a scam.

View the student accommodation fraud warning issued by the Metropolitan Police.

Other costs

Don’t forget to include these other costs in your budget.

  • Travel - get discounted travel with a student Oyster card
  • Food
  • Socialising
  • Phone bills
  • Council tax (if you are not living with only full-time students) 

Deposits

You may be required to pay a holding and security deposit. Find out more about fees and desposits.

Don't get scammed

Avoid being scammed. Your safety and security is most important, so if something doesn’t feel right, trust your instincts.

How can you protect yourself against scams?

  • Never send money upfront before you’ve viewed a property
  • Avoid listings that have no photographs
  • Visit the rental property in person and check the landlord’s ID 
  • Check the authenticity of any safety certificates (e.g. gas safety)
  • Be suspicious if you are asked to wire money through services such as Western Union
  • Be sure to check that the property actually exists, photos are not a substitute
  • Never pay for a deposit in cash. Use a credit card if you can – this offers more protection
  • Use the land registry to check if the landlord is the legal owner of the property.