London is renowned for having luxurious addresses where royalty and the elite reside. Here, we have listed the most expensive roads in UK’s capital
While it may be possible for some to buy a house to live in London, most people choose to rent instead due to personal circumstances. Rent prices in the capital are skyrocketing as opposed to the other areas in the country. The high cost of living as well as the average rental dues are the main culprits in warding off those who want to live there.
Not all hope is lost, however, since there are still a number of affordable spots to rent in London. A lot of these areas are guaranteed to offer value for money. These places are reasonably priced but also offer additional highlights such as captivating views, peaceful neighbourhoods, and easy access to the city and commercial areas.
What are the most affordable places to rent in London?
Here’s a list of the 11 most affordable places to rent in London. This is based on average monthly dues in the capital’s cheapest boroughs:
1. Bexley: a budget-friendly borough
Average rental price: £1,520
The cheapest average monthly rent recorded by Zoopla in their latest Rental Index is Bexley. This makes Bexley the most affordable borough to rent a flat in the capital so far. One of the main reasons renters choose this area is due to the many national rail stations available here (such as Abbey Wood, Albany Park, and Barnehurst).
Bexley station is in Travelcard zone 6 and is around 14 miles from London Charing Cross station - a journey of 38 minutes while travelling on a Southeastern train. A daily return journey costs up to:
- Daily: £9.00
- Weekly: £60.10
- Monthly: £230.80
- Annually: £2404.00
Let’s take a little walk around Bexley:
Charlie Benn, director of Lettings at Anthony Martin estate agents in Bexley: “We often see people relocating from price inflated areas within South East London to much more affordable Bexley postcodes.
“With a journey time into central London falling within 45 minutes to an hour, at a time when two hour commutes are on the rise, it proves ideal for City workers.
“The suburban area of Bexley provides the best of both worlds with its close proximity to excellent schools, green spaces and affordable prices while also within driving reach of places such as Bluewater Shopping Centre and the centre of London under an hour away.”
Let’s take a look at how Bexley fares against other affordable places to rent in London, starting with the second-most affordable!
2. Croydon: the cultural hub of the south
Average rental price: £1,540
Located in South London, Croydon is a commuter town that boasts a wide shopping district and is also one of the biggest commercial districts in Greater London. Residents and tourists are welcome to try a variety of food choices and great landmarks to explore. Croydon also has excellent transportation links, making it the perfect choice for most renters who are often on the go.
3. Sutton: a tranquil retreat with nature
Average rental price: £1,544
Ranking third among the most affordable places to rent in London is Sutton, with an average rental price of £1,544. The town has numerous historical landmarks, religious places of worship, retail shopping stores, and four conservation areas. In addition, it is home to three green spaces within the town centre: St. Nicholas church grounds, Sutton Green, and Manor Park. It also has its own major railroad station, Sutton station, that links the town to a handful of main central London stations.
4. Havering: suburban serenity in the capital
Average rental price: £1,583
Next on the list is Havering. This town is also ideal for the thrifty renter because you can rent a flat here for as low as £1,583. This is the easternmost borough in London, and it famously got its name as a reference to the Royal Liberty of Havering. Part of its greater territory is the Metropolitan Greenbelt. Havering also has several shopping stalls that cater to tourists and residents.
5. Bromley: between the metropolis and countryside
Average rental price: £1,609
Completing our first five, Bromley takes the spot with £1,609 as its average rental cost. Situated in Greater London, Bromley became a market town decades ago. Nowadays, renters are in favor of living in this borough as it also has convenient and efficient access to London via train.
Renters who are into shopping may also prefer to secure a flat in Bromley to explore the various shops, particularly in Bromley High Street.
6. Enfield: where urban convenience meets rural charm
Average rental price: £1,649
Hundreds of years ago, Enfield was an ancient parish in the Edmonton Hundred of Middlesex. It was given urban district status in 1894 and afterwards, municipal borough status in 1955. Enfield is in North London. It has a large territorial area due to merging with the municipal boroughs of Southgate and Edmonton. The three created the London Borough of Enfield.
Being a large town within London, renters favor Enfield. This picturesque borough strikes the perfect balance, blending the vibrant energy of city life with the serene charm of the countryside.
Trivia: It was also the birthplace of the world's first ATM.
7. Hillingdon: peaceful residence in the west
Average rental price: £1,656
At seventh spot of the most affordable places to rent in London is Hillingdon. It’s the biggest and westernmost borough in West London. The average rental price in this area is just £7 above Enfield. It is also the second largest of the 32 London boroughs by area.
Hillingdon is home to numerous historical sites and the world-renowned Heathrow Airport. There are quite a lot of green spaces in Hillingdon such as Old Park Wood, Ruislip Woods, and Stockley Country Park.
8. Barking and Dagenham: embracing diversity and community spirit
Average rental price: £1,657
Placing eighth on our list is Barking and Dagenham in East London with an average rent that is £1 higher than Hillingdon. There are three major towns in this borough: Barking, Chadwell Heath, and Dagenham.
The southern part of Barking and Dagenham is within the London Riverside section of the Thames Gateway, an area recognised as a national priority for urban regeneration.
9. Redbridge: where tradition and culture flourish together
Average rental price: £1,720
At number nine, we have Redbridge, a borough with a collection of over 35 parks, open areas, and playgrounds. Redbridge also boasts various flora and fauna within a wildlife sanctuary in Roding Valley Park. Other parks include Epping Forest, Seven Kings Park, and the famous Valentines Park.
Redbridge also has a bounty of woodland areas and sports grounds. Property hunters and renters alike are drawn to this location due to its luscious greenery while being near the capital. You can reach London via train within an hour of travel.
10. Lewisham: vibrant metro and shopping delights
Average rental price: £1,740
Joining in tenth place is Lewisham. It’s the home of Lewisham Shopping Centre, one of the largest commercial locations in Southeast London with over 70 stores within it. Lewisham is also named as one of 35 major centres in Greater London. Renters who are fond of shopping will find this borough their ideal residence.
11. Harrow: calm living in the greens
Average rental price: £1,774
Finally, completing our list of the most affordable places to rent in London is Harrow. The distinguished Harrow School can be found in Harrow on the Hill, the borough’s original settlement. Harrow has an agricultural area near its town centre as well as greenery, maintaining a suburban feel that a lot of renters look for.
Here’s a summary of the 11 most affordable places to rent in London:
The average rental price in London is more than £2,000. Still, there’s a ray of sunshine for those who are on a tight budget because there are still some places in the capital that are below that amount. As you may notice, all 11 locations listed are below the designated rental fee in London. These figures are from a survey by property website Zoopla.
Average rental prices in London
The average rental price in the UK is about £1,220. In comparison, London’s average rents are almost twice as much as that—about £2,119. This makes the capital the most expensive place to rent a property in the country according to the earlier referenced data from Zoopla.
In the last decade, there has been an increase of more than £500 in the average London rental values. This also meant that the cost of living in the area has been going in an upward trajectory. Nevertheless, this increase in cost does not necessarily have harmful effects.
Factors that determine London’s rental prices
An increase in rental prices could be due to one of these factors:
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rental demand versus supply of rental properties. High demand from people who rent and low supply of rental properties will cause a hike in rental price levels.
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fluctuation of mortgage prices. A surge in mortgage prices will result in a declining number of prospective buyers and hinder them from purchasing their own houses. This will increase the demand for rental properties.
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wage or salary growth. Successive salary increments may also result in a bigger demand for rental homes. More people, particularly the younger professionals, are choosing to move out of their family residences and searching for places to rent.
Because mortgage prices affect rental rates, read and bookmark our mortgage rates database to keep an eye on these figures. We feature the top 10 mortgage providers in the UK and the rates they offer, updated weekly.
Here is a video of what it costs to live in London:
Finding and keeping the most affordable rentals in London
After selecting the most appropriate flat that you can rent based on affordability, you would have to secure it. You may have to compete with other people for the property that you’ve decided on. So, to guarantee that your chosen flat is within reach, you should:
- make sure that you can afford it
- prepare and organise all your requirements
- try to be the first one to visit the place
Despite the upward movement of rental prices in London, there are still affordable areas for every renter. Making the most out of your resources will help maintain your preferred standard of living while you enjoy living in one of the world's most vibrant cities.
Would you consider moving to one of the most affordable places to rent in London? Share your thoughts in the comments below.
