Despite a slight 1.7% dip in rental prices across London post Brexit (from May to July), latest average rental figures from Portico London Estate Agent show the £500-a-month room in a two bedroom property is now extinct.
According to the Portico’s data, Bexley holds the title of the cheapest borough in London to rent in, with the July average rental price for a two bedroom property standing at £1,108 per month, or £554 per room.
You’ll pay even more if you’re living alone – even in the most affordable borough in London – as according to Portico’s rental data, the July average rental price for a one bedroom property in Bexley is £847.32.
On the other end of the scale, if you want to live in the exclusive borough of Kensington and Chelsea, the July average rental price is a staggering £3,989 for a two bedroom property, or £1,994.50 per room.
The average price for a two bedroom property in London is £1,756, or £878 per room.
Robert Nichols, Managing Director, Portico, says:
“Many Londoners now consider renting as a long-term norm, as a result of rising property prices.
It’s therefore good to know where you can find the most affordable rent – and our data lists the London boroughs two bedroom rental prices from the cheapest to the most expensive.
Bexley in south east (£1,108 pcm) and Havering (£1,156 pcm) in the east offer the capital’s cheapest rents, and they’re soon to become well-connected too, with stations planned on the eastern edge of the Elizabeth line.
If you want to live in inner London, Lewisham offers the most affordable rent (£1,430 pcm).”
|Borough||July Average Monthly Rent for a 2 Bedroom Property|
|Barking and Dagenham||£1,278|
|Kingston upon Thames||£1,490|
|Richmond upon Thames||£1,829|
|Hammersmith and Fulham||£2,116|
|Kensington and Chelsea||£3,989|