A new study has revealed which London boroughs contain the cheapest properties to rent in the city. The research has shown that South East London and Bexley are among the cheapest areas to rent in London for a household of four people. Assuming that there is one person per bedroom, the data was collected from an average private rental price to calculate which four, three, two or one bedroom homes offer the best value in each area.
In Bexley, for a four bedroom home, the average monthly rent is £1,633.52, which once divided between four tenants, is £408.38 each. According to Government statistics, this is around 35 per cent lower than the average price of renting a room in the city, which is £629. This research confirms the prediction by estate agents that the borough of Bexley will be in high demand over the next few years. With the launch of Crossrail in the area, adding to the great transport links that the city already provides, in addition to the entertainment options and a range of good schools, Bexley is an attractive place to live. The borough also offers a refuge for those moving out of the hustle and bustle of city life. This is primarily due to the area still being a very affordable area to rent in. Also, there are not many areas outside London which can offer the shopping and diverse entertainment facilities of Bexley. Amenities such as the Broadway Shopping Centre in Bexleyheath, which houses food chain restaurants and contemporary shops, and Bexley Village, which contains independent restaurants, bars and boutique shops, make Bexley a great place to live.
The research also discovered that in North London, living as a family of four is cheapest in Enfield, with an average cost of £521.84 per tenant per month. In South London, renting a property as a group of four is cheapest in Croydon. The average monthly rent cost per tenant is £508.41. In Central London, the cheapest way to rent is as a group of four in Islington, at an average rent price of £895.85 per person per month.
There are also some London boroughs where it is more cost-effective to rent as a group of three, rather than four. Areas including Havering, Merton, Ealing, Hounslow, Richmond-upon-Thames, Haringey, Bromley, Sutton and Hammersmith & Fulham are all cheaper to rent in as a group of three. Within West London, a group of three tenants is the most cost-effective scenario to rent in Hillingdon, with an average rent of £498.44 per tenant each month.
Some boroughs within London are cheaper to rent in as a two tenants with one bedroom each, such as Kensington and Chelsea, Camden and Westminster. The most expensive areas in London to rent are within Central London. Boroughs such as Kensington and Chelsea have a high average rental price of £3,271.34 each tenant per month sharing a four bedroom property. Tenants in Westminster pay an average rent of £2,167.34 each tenant per month for sharing a two-bedroom property.
The research has emphasised that as the capital becomes increasingly stretched in terms of property, tenants can potentially reduce their rental costs by considering a move to a different borough, perhaps only a few miles away.
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