Property News

£500 a Month Room Rents in London Now Extinct

Em Morley - August 17, 2016
£500 a Month Room Rents in London Now Extinct

£500 a Month Room Rents in London Now Extinct

It is now impossible to find £500 per month room rents in London, according to estate agent Portico.

The London estate agent found that although average rents dropped by 1.7% in London following the Brexit (between May to July), rents of £500 a month for a two-bedroom property in the capital are now extinct.

Portico’s data found that Bexley is the cheapest borough in London to rent a room, with the average rent price for a two-bedroom property in July standing at £1,108 a month, or £554 per room.

And tenants will pay even more if they live alone: Even in the most affordable borough, the average rent on a one-bed property in Bexley is £847.

On the other end of the scale, if you’re looking to live in the exclusive borough of Kensington and Chelsea, you’ll have to fork out a huge £3,989 a month in rent on a two-bed home, or £1,995 per room.

Across the capital as a whole, the average monthly rent on a two-bed property is £1,756, or £878 per room.

Average monthly rent for a two-bed property in all London boroughs

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The Managing Director of Portico, Robert Nichols, comments: “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 southeast (£1,108) and Havering (£1,156) 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).”

The latest figures from the estate agent further highlight the problem of sky-high rents in London.