Research by Portico finds £500-a-month rooms in London are now extinct

Thursday, August 18th, 2016 - Portico

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 London Borough of Bexley – 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 closer in inner London, Lewisham offers the most affordable rent (£1,430 pcm).

Portico’s research for all the London Boroughs in published below.
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