As the capital of the UK, London is notorious for having high property prices, with Zoopla reporting the average London property costs £636,018 to buy. For many, owning a property is out of reach in the UK, with London being no exception. There, most people choose to rent in London rather than buy.
The average rent on a 2 bedroom property in London is £1,700 pcm, compared with just £758 of the national average excluding London. If you are residing in the capital, you might be considering moving neighbourhoods to save money. If so, here are the 10 most expensive neighbourhoods you should look to avoid if on a budget, followed the are the 5 most affordable areas of London to rent.
Taking into account the whole year of 2018, the following 10 areas of London were on average the most expensive to rent, according to Movebubble.
|Most Expensive Areas to Rent in London|
5 least expensive areas of London to rent
Whilst London is an expensive place to live, it's undoubtedly the best area in the UK for job, culture and lifestyle opportunities, which put it on a par with other great destinations around the world.
If you are looking to live in London on a budget however, there are pockets of the city which offer a much more affordable outlook for renters.
Data compiled by rental agents Foxtons has found that for 2019, the following 5 areas of Greater London are the 5 cheapest areas to rent in the capital:
|5 Cheapest Areas to Rent in London|
|Barking and Dagenham||£1,302|
Barking and Dagenham
Average pcm: £1,302 Zone: 5/6 Journey time to Victoria: 39 minutes
Located just 9 miles outside of central London, Barking and Dagenham is an area which is set for urban regeneration. Barking itself is on the District Line on the London Underground, making it an ideal choice for commuters.
The area boasts attractions such as Valence House which was voted by the Guardian as one of London's best free things to do, as well as Mayesbrook park, which is a beautiful open space to escape city life at the end of a working week.
Average pcm: £1,338 Zone: 5 Journey time to Victoria: 30 minutes
Croydon is an affordable area of London that offers a wealth of independent shops and restaurants as well as festivals, culture and open spaces. Whether you are looking to settle as a family or if you are a working professional, there truly is something for everyone in Croydon, which keeps the flavour of the capital whilst costing much less than nearby areas.
Whilst there aren't any direct tube links to Croydon, it does have excellent links into central London via Southern, Southeastern and Thameslink rail services. On average, journey times are around 30 minutes from Croydon to Victoria Station.
Croydon is also close to Surrey, offering a taste of country life whilst still being in close reach of the capital. There are also lots of new developments on the way, making Croydon a very up and coming area of London.
Average pcm: £1,441 Zone: 5 Journey time to Victoria: 40 minutes
Encapsulating the south east corner of London bordering onto Kent, Bromley is well served by rail links into central London, with a journey time of around 40 minutes into Victoria Station.
Whilst it does have a longer commute time into the city, Bromley is ideal for renters looking for a traditional suburban setting, rather than the hustle and expense of London.
It's possible to pick up a 1 bedroom property for as little as £425 pcm, making Bromley a much more affordable option than London itself. It's also an ideal area if you want to rent a property for under £500 without moving into a houseshare, as is often the case in the centre of the city.
Average pcm: £1,457 Zone: 5 Journey time to Victoria: 30 minutes
Unlike the newer apartment builds of inner city London, Sutton offers plenty of traditional terraces complete with gardens and off-road parking. This makes the area ideal for settling down, especially with families.
Properties on the A24 in Sutton, benefit from linking to Morden tube station on the northern line, linking to national rail services at London Bridge, Euston and Kings Cross St Pancras stations.
The area itself boasts plenty of attractions for all the family, as well as being within close proximity of several golf courses and national trust locations.
Average pcm: £1,547 Zone: 5 Journey time to Victoria: 56 minutes
Located in the north of London, Enfield has good links to the M25 with East Barnet to the right, and Finsbury Park leading to central London via the A10 towards the south.
For those commuting into central London via public transport, the easiest way is to take the Piccadilly line from Arnos Grove, which takes 33 minutes to reach Piccadilly Circus Station. There are also direct train services into Moorgate and London Liverpool Station taking 1 hour 5 minutes.
Properties in Enfield range from a mix of traditional terraces to high rise accommodation, making it a very versatile area of the city.
Whilst there's no doubt that London is one of the greatest cities on Earth, it's also one of the most expensive too. However, with the right strategy it is possible to find affordable areas of the city to live in that offer a great quality of life too.
Points to consider include transport links, especially London underground and rail services into central London, factoring overall commute time. In addition, what type of property is required, for example as a terraced home for families or a studio flat for working professionals?
All in all, it is possible with the right outlook to secure a rental property in London for the right price. Regardless of where you settle, be sure to buy contents insurance for renters—renter's insurance costs around £150 per year and can save you thousands in the event of theft, fire or other many causes loss or damage.