Five cheapest areas in London to rent a home — as data reveals tenants in the capital now pay double the UK average
Study shows the rocketing cost of renting in all parts of London but some pockets of relative affordability remainA report by insurance provider HomeLet found that the average monthly rent payment in the capital was £2,109 in July, compared with £1,037 elsewhere in the UK.Westminster remained the most expensive district, with a typical home priced at £3,360 per month, more than three times the UK figure.Which area of London is cheapest?How much is cheapest house rent in London?How can I get cheap rent in London?What is the cheapest postcode to rent in London?Across the capital, tenants handed an average of 38 per cent of their gross household income to landlords in July this year, up from 31 per cent six years earlier.
Five cheapest London areas
Average rent in July 2023
Redbridge and Waltham Forest
Barking, Dagenham and Havering
Bexley and Greenwich
Harrow and Hillingdon
Source: HomeLetIn an increasingly unaffordable city, Croydon was the cheapest area to rent in in July, with a typical property costing £1,471 a month.Richard Marsh, owner at local estate agency Folklands, says that at least half the people he sees looking for homes in the south London borough are moving from more central locations."We have a steady flow of tenants from the likes of Streatham, Brixton, Clapham and Dulwich," he says. "If only I had £5 for every time someone said to me that their landlord was either selling up or raising their rent by hundreds of pounds."They come to Croydon and get the same quality and space for a lower price along with sensational transport links."Marsh says the long-awaited Westfield-led redevelopment of Croydon town centre will boost an inevitable gentrification of the area as more people flock to it from further north.A wave of build-to-let development including the 546-home, 44-storey Ten Degrees tower highlights investor interest in the area, he adds. "We see a number of young professional couples looking to set up their first home together, perhaps moving out of shared houses in the SW and SE postcodes.”Redbridge and Waltham Forest was the next cheapest area of the capital to rent in July, at an average of £1,590 per month. Over the course of a year, this slice of east London works out as £1,428 more expensive than Croydon.