Renting a property anywhere in the world is expensive. London is not exempted on this matter. Anywhere in London is costly but where a family lives in the capital can still save them hundreds in their monthly rent.
A Mapped Solution by SpareRoom
SpareRoom created a new map on their website that showcases the cheapest and the priciest areas in the city where one can rent a double room.
They released a color coded map as seen in the SpareRoom London Rental Index report through their site for the 2nd quarter of 2016.
Results from the Study
• The cheapest rent is in Eltham where a room costs £518 monthly on average.
• East and Southeast London postcode districts are also cheap with 9 out of 10 places being affordable.
• West Central and East Central London are expensive in rent. St. Paul’s is the most expensive one in the map and rooms costs £1,153 monthly on average.
• South West London has 4 postcode areas with the largest rent increases for the last 12 months. They are Tooting, Barnes, West Brompton/Chelsea and Mortlake.
• Rent in 30% of the postcode districts reduced year after year. Rents are falling 4% in the North West and are falling 2% in the West Central and East Central.
• Rents in Abbey Wood increased the most year after year up to £564 but it still remains to be one of the postcode districts having rents under £600
• The cost of rent only rose by 1% during 2015 to 2016 in comparison to the 8% rise during 2014 to 2015.
• South West London has a trend in cooling rents and has a 5% annual increase.
• West Central London has the least supply of rooms with less than 1% and 5 people are competing for an available room
• East London still remains the best district to find rooms with 167,914 listings in the 2nd quarter. This is 46% of the entire London room supply and 2 people are competing for an available room.
With this different kind of London City Illustrated Map, one can be equipped with information regarding the rent index for the city.