The £500 a month rental room in London ‘no longer exists’

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.”

 Borough July Average Monthly Rent for a 2 Bedroom Property
Bexley £1,108
Havering £1,156
Sutton £1,234
Croydon £1,251
Barking and Dagenham £1,278
Bromley £1,299
Hillingdon £1,312
Redbridge £1,330
Enfield £1,334
Waltham Forest £1,360
Harrow £1,417
Lewisham £1,430
Greenwich £1,477
Kingston upon Thames £1,490
Newham £1,564
Barnet £1,573
Ealing £1,586
Haringey £1,586
Hounslow £1,590
Brent £1,612
Merton £1,621
Richmond upon Thames £1,829
Lambeth £1,855
Hackney £1,968
Southwark £1,986
Wandsworth £2,034
Hammersmith and Fulham £2,116
Islington £2,186
Tower Hamlets £2,251
Camden £2,559
Westminster £3,811
Kensington and Chelsea £3,989

 

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