Press release
£500-A-MONTH ROOMS IN LONDON ARE EXTINCT
Latest average rental figures from Portico London Estate Agent show the £500-a-month room in a two bedroom property is now extin
Despite a slight 1.7% dip in rental prices across London post Brexit (from May to July), latest average rental figures from Portico London Estate Agent show the £500-a-month room in a two bedroom property is now extinct.
According to the agent’s data, Bexley holds the title of the cheapest borough in London to rent in, with the July average rental price for a two bedroom property standing at £1,108 per month, or £554 per room.
You’ll pay even more if you’re living alone - even in the most affordable borough in London - as according to Portico’s rental data, the July average rental price for a one bedroom property in Bexley is £847.32.
On the other end of the scale, if you want to live in the exclusive borough of Kensington and Chelsea, the July average rental price is a staggering £3,989 for a two bedroom property, or £1,994.50 per room.
The average price for a two bedroom property in London is £1,756, or £878 per room.
Robert Nichols, Managing Director, Portico, says:
“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 south east (£1,108 pcm), Havering (£1,083 pcm) and Barking and Dagenham in the east (£1,162 pcm) 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 pcm).”
Borough July Average Monthly Rent for A 2 Bed Property
Bexley £1,108
Havering £1,156
Sutton £1,234
Croydon £1,251
Barking and Dagenham £1,278
Bromley £1,299
Hillingdon £1,312
Redbridge £1,330
Enfield £1,334
Waltham Forest £1,360
Harrow £1,417
Lewisham £1,430
Greenwich £1,477
Kingston upon Thames £1,490
Newham £1,564
Barnet £1,573
Ealing £1,586
Haringey £1,586
Hounslow £1,590
Brent £1,612
Merton £1,621
Richmond upon Thames £1,829
Lambeth £1,855
Hackney £1,968
Southwark £1,986
Wandsworth £2,034
Hammersmith and Fulham £2,116
Islington £2,186
Tower Hamlets £2,251
Camden £2,559
Westminster £3,811
Kensington and Chelsea £3,989
ENDS
For media enquiries and to interview Robert Nichols (Managing Director), please contact:
Emma Williams on 020 7428 5314 / e.williams@portico.com
Notes to editors
Data source:
Rental data: Portico. The data focuses on the two-bed market as a major indicator of London rental market health.
City of London data is regularly anomalous and is, therefore, excluded.
About Portico
Portico is a residential estate agent with offices throughout London, specialising in flats and properties to rent and for sale. For landlords, we offer a range of unique packages which include monthly fees, a rental guarantee, complimentary maintenance between tenancies and assistance with tax return. For property sellers, we offer a dedicated property concierge and a complimentary refurbishment service.
Emma Williams
Head of Digital Communications
Head Office
Grand Union House
20 Kentish Town Road
London NW1 9NX
T 020 7428 5300
D 020 7428 5314
portico.com
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