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Where to find London’s cheapest 2 bedroom rental properties

Em Morley - June 2, 2021

New research reveals the cheapest and most expensive boroughs in London for renting a 2 bedroom property.

London estate agent Portico has found that rental rates have been dropping during the pandemic, with central London rents down by 13%.

Examining 26,417 rental properties in all 32 London boroughs currently available on Rightmove, it has identified the most affordable locations for tenants.

The research shows that the average rental price in the capital is currently £1,832 per month, while the average rental for a two-bedroom property in the capital is £1,800 per month.

The following table shows a ranking of all 32 London boroughs from cheapest to most expensive. The boroughs have been ranked by their average 2 bedroom rental prices.

London BoroughNumber of 2 bedroom propertiesAverage Rental Price 2 bed (pcm)
Bexley73£1,243
Sutton96£1,313
Croydon377£1,341
Hillingdon284£1,375
Barking and Dagenham123£1,377
Bromley175£1,400
Redbridge212£1,404
Harrow302£1,428
Waltham Forest193£1,458
Lewisham326£1,483
Enfield153£1,490
Kingston upon Thames167£1,551
Barnet385£1,575
Haringey346£1,602
Ealing355£1,642
Greenwich431£1,653
Brent377£1,667
Newham381£1,667
Hounslow364£1,689
Merton279£1,701
Lambeth382£1,885
Hackney366£1,912
Islington380£1,938
Richmond upon Thames378£1,949
Tower Hamlets382£1,975
Southwark427£2,051
Wandsworth454£2,121
Hammersmith and Fulham395£2,179
Camden368£2,257
Westminster351£2,921
Kensington and Chelsea412£3,100
City of London113£3,284

Robert Nichols, CEO of Portico estate agents, says, “As life begins to return to something a lot more like normal, tenants seem to be making their first post-pandemic moves. Renter registrations are already up a staggering 44% from this time last year. It seems only a matter of time before balance is restored in the market, which will undoubtedly represent some very welcome news for landlords throughout the capital.

“The current snapshot is likely to prove temporary. Along with being an excellent time to rent, it could also be a window of opportunity for first-time investors or those seeking to expand an existing property portfolio. While it’s evident the pandemic has distorted the market, it seems there are lingering effects. With recovery imminent, some of the boroughs that wouldn’t ordinarily offer such bargains may just be lagging behind unfolding events. For tenants and investors alike, that might represent a once in a lifetime chance.”

The full research from Portico can be read here: https://www.portico.com/blog/tenant-advice/the-cheapest-places-to-rent-in-london