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500-A-MONTH ROOMS IN LONDON ARE EXTINCT

August 17, 2016

£500-A-MONTH ROOMS IN LONDON ARE EXTINCT

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 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

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

ENDS

For media enquiries and to interview Robert Nichols (Managing Director), please contact:

Emma Williams on 020 7428 5314 / e.williams@portico.com

Notes to editors

If possible, please credit Portico with a link back to their website.

Data source:

Rental data: Portico. The data focuses on the two-bed market as a major indicator of London rental market health.

City of London data is regularly anomalous and is, therefore, excluded.

About Portico

Portico is a residential estate agent with offices throughout London, specialising in flats and properties to rent and for sale. For landlords, we offer a range of unique packages which include monthly fees, a rental guarantee, complimentary maintenance between tenancies and assistance with tax return. For property sellers, we offer a dedicated property concierge and a complimentary refurbishment service.


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