The £500 a month room in London is extinct, despite a 1.7% dip in rental prices in the capital.

Data from the agent Portico shows that the average rental price for a two-bedroom property in London in July was £1,756, or £878 per room.

Bexley holds the title of the cheapest borough in London, with the average rental price of a two-bedroom property standing at £1,108 per month, or £554 per room.

Tenants will pay even more if they are living alone, with the lowest average rental price in Bexley for a one-bedroom flat at £847.32 a month.

At the other end of the scale, properties being let in Kensington and Chelsea during July had average rental prices of £3,989 for a two-bedroom property, or £1,994.50 per room.

Robert Nichols, managing director of 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.”