Rental Property

Cheap Rents In London

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.

Written by