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When considering whether or not to live in London, the aspect of life which will most likely put people off is undoubtedly the high cost. It’s not just rental prices that are way above the UK average – restaurants, pubs and transport are also much more expensive in the UK’s capital city.
Although, rent is definitely where you’ll feel the biggest hit to your pocket. According to HomeLet, the average rent in London for new tenancies is £1,572 per month (for a one bedroom flat). Unsurprisingly, this is far above the UK average of £997. For comparison, the northeast of England currently resides as the UK’s cheapest region, with an average rental cost for a one bedroom flat of just £560 per month.
The ultimate outcome of this data is a series of financial mazes which have to be navigated when living in London, particularly for young people. In fact, recent figures from PwC indicate that London tenants aged 22-29 spend an average of 53% of their income on rent.
So living in London is expensive, this isn’t anything new. However, what you may not be aware of is that if you’re willing to get a little more creative, then there are plenty of affordable places to live in London. They may not be cheap, but they’re certainly ‘London cheap’.
In this article, we’re highlighting the cheapest London areas to live in while renting. In order to help your search, we’ve also discussed what to look out for when trying to find a cheaper London property.
We completely understand that wanting to be just a few minutes walk from a tube station can be really desirable. The problem is that it’s desirable for everyone else too. Our research found that a property’s location is the most important factor for a prospective renter. Naturally then, these properties tend to command much higher prices. By finding a home that’s a 15-minute walk (or more) from a tube station, property prices will plummet and some of the cheapest London areas start to emerge.
Moreover, you’ll have a guaranteed walk or cycle when going to and from work every day. Many people struggle to find time to exercise, so this commute can become an excellent way to kill two birds with one stone. Commutes are even proven to be good for mental health, with the journey providing an essential work-life balance. They can benefit your mind and your waistline!
It’s also worth bearing in mind that modes of London transport exist outside of the tube. Many areas are served by rail services that can reach the centre of London in around 30 minutes. Even if it looks a little further out on a map, it could be just as each to reach central London.
Pound for pound, renting tends to be the most expensive when hunting for a single bedroom or studio flat. It makes sense then, to rent in a shared property with others. While this can be with people you already know, there are numerous sites that help connect people who are looking to rent in the same area, such as Spare Room.
This is a particularly useful option when looking more central, as it’ll help you locate the cheapest places to rent in central London.
A home share is something totally different which has a tendency to benefit both parties. In essence, a home share involves matching older homeowners with younger renters. Older homeowners agree to this as they receive assistance with house chores and general companionship, while young renters are able to live in areas of London that they may otherwise have struggled to afford.
Though this option isn’t for everyone, it does represent one of the cheapest ways of renting in London (with prices often going as low as £200).
Bearing all of the above in mind, here are a handful of the cheapest London areas to live in when renting. Despite the lower living costs, these areas still offer heaps of appeal, solid transport links and great services.
Even though it’s one of the cheapest London areas to rent in, transport links are still excellent, with commuters being able to benefit from the Hammersmith & City and District lines which are speedy links into central London, along with National Rail services to Fenchurch Street. It certainly doesn’t feel like one of London’s most touristy areas yet still represents pretty good value for money!
Two-Bedroom Property Per Month = £1,377
Check out properties to rent in Barking & Dagenham here
Bexley is one of the very cheapest areas to rent in London. Despite this, you can travel into the city centre from Bexley in a fairly short amount of time; around 45 minutes by car and 30 minutes by train when travelling from Bexley Railway Station. Bexley contains plenty of green spaces and historical buildings, as well as the shops and restaurants you’d expect to see on most UK high streets.
Two-Bedroom Property Per Month = £1,243
Check out properties to rent in Bexley here
Though Bromley contains no London Underground stations (despite being London’s largest borough), it is well served by several other transport links, including the Overground, Thameslink, Southeastern and Southern rail services. Thanks to a wide span of property types – from small flats to large family homes – Bromley boasts a varied demographic of residents. The services naturally reflect this, with there being something to suit most lifestyles.
Two-Bedroom Property Per Month = £1,400
Check out properties to rent in Bromley here
Despite undergoing massive regeneration in recent years, rent prices have remained relatively low in Croydon. This regeneration has transformed Croydon into one of London’s most vibrant boroughs – while equally being one of the cheapest areas to rent in London. Modern flats, Boxpark, extensive bars and restaurants, plus a connection to London Victoria in less than 20 minutes help make Croydon seriously appealing with renters.
Two-Bedroom Property Per Month = £1,341
Check out properties to rent in Croydon here
Havering is the cheapest London borough to rent in. What’s more, a slightly lower population density and a plethora of green spaces make it the ideal location for somebody searching for a middle ground between a smaller city and the hustle and bustle of London. Though it’s located on the far eastern edge of Greater London, Havering is still connected to the District Line and Overground.
Two-Bedroom Property Per Month = £1,152
Check out properties to rent in Havering here
Redbridge includes lively neighbourhoods around Wanstead Flats and some of the East End’s more affordable areas. We fully expect the popularity (and price) of Redbridge to grow over the next few years. This growth can be attributed to Crossrail, which will soon be connected at Redbridge. While travelling into central London does take a little longer (around an hour by car), there are still plenty of rail services, including stations such as Ilford, Seven Kings and Goodmayes.
Two-Bedroom Property Per Month = £1,404
Check out properties to rent in Redbridge here
Although it’s in transport Zone 5, Sutton still offers fast trains which can reach London Victoria in around 30 minutes. What’s more, the town centre offers plenty for renters in its own right, including a shopping centre, streets lined with sizeable shops and numerous places to eat and drink. With low crime rates, Sutton is a desirable area for young professionals who work in central London.
Two-Bedroom Property Per Month = £1,313
Check out properties to rent in Sutton here
Searching for a property? Resooma lists properties across the UK with transparent data about areas and tenant reviews. Search all available accommodation on one trusted website. Find your perfect London property here.
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