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TODAY'S OTHER NEWS

Are £500-a-month rooms in London a thing of the past?

Tenants will no longer be able to find a room in a two-bedroom London property for £500-a-month or less, according to data from estate agency Portico. 

The firm says that despite average rents dipping since May, rooms advertised at this price are now 'extinct'.

Portico calculates that the average price for a two-bedroom rental property in London was £1,756 (£878 per room) in July.

Bexley is London's cheapest borough, according to the findings, with an average rent for a two-bedroom property standing at £1,108 pcm in July – equivalent to £554 per room.

The capital's most expensive borough is Kensington and Chelsea, where the average landlord lets a two-bedroom property for £3,989 (£1994.50 per room).

“Many Londoners now consider renting as a long-term norm, as a result of rising property prices,” says Robert Nichols, Portico's managing director.

“Bexley in south east and Havering in the east 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.”

 
London Borough Average monthly rent for two-bedroom property (July)
Bexley £1,108
Havering £1,156
Sutton £1,234
Croydon £1,251
Barking & 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 & Fulham £2,116
Islington £2,186
Tower Hamlets £2,251
Camden £2,559
Westminster £3,811
Kensington & Chelsea £3,989

Source: Portico Estate Agents

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