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TODAY'S OTHER NEWS

Most affordable London borough to rent based on salary revealed

Tenants in the London borough of Kingston upon Thames are spending the lowest proportion of their salary on rent, according to new research by OnTheMarket.com.

Data from the property website revealed that when renting a one-bedroom property in Kingston, 25% (£1,099.15) of the average person’s salary within the borough is spent on rental costs, a two-bedroom is 17% (£740.65), a three-bedroom is 15% (£648.55) and for a four-bedroom is 14% (£627.40). These percentages are based on one person per bedroom.

Mark Birch, director of Letting at Jackson-Stops in Teddington, said: “Kingston upon Thames is an ancient market town located on the banks of the River Thames and nestled between London’s two largest Royal Parks.

“It’s an attractive place to rent for many people offering many things such as great shopping and leafy walks in beautiful parkland. It is also cheaper than neighbouring areas such as Richmond.

“It’s easy to see why so many commuters might choose to settle here and benefit from being outside ‘the hubbub’ while remaining close enough to connecting transport links into London.”

In contrast, tenants in the London borough of Camden are required to pay the highest proportion of their salary on rent, spending up to 61% of their wage to their landlord every month.

According to OnTheMarket, the average one-bedroom flat in Camden costs renters £1,944.28 a month, which is 61% of the average person’s salary within the borough.

For a two-bedroom the percentage is 46% (£1,471.05), for a three-bedroom it is 51% (£1,614.44) and for a four-bedroom it is 60% (£1,911.65). Again, these percentages are based on one person per bedroom.

Vikki Bennett, spokesperson for OnTheMarket, commented: “Costs within the London rental market have been driven-up in recent years as first-time buyers have battled to enter the housing market and second-steppers have struggled to trade-up while prices have risen.  

“While it’s no surprise that cost remains the most likely primary factor when considering a new home, our analysis shows some stark variations across each borough of salary percentages being spent on rent.

“So while London rents remain high across the board, considering all available options, such as moving to a nearby borough just a few miles away, can prove to have significant cost savings.

"Hampstead, within the borough of Camden, is likely to be of high significance as to why Camden comes out with the highest percentage, due to the exceptionally high rental prices within this particular area.”

Average Rent for a 1 bed, 2 bed, 3 bed, 4 bed in each borough (one person per bedroom)

Location

Rental Cost

 

One Bed

Two Bed

Three Bed

Four Bed

Barking and Dagenham

£1,008.75

£612.47

£474.61

£425.00

Barnet

£1,174.33

£835.82

£842.29

£830.45

Bexley

£758.20

£560.41

£450.38

£408.38

Brent

£1,207.28

£805.60

£693.87

£617.06

Bromley

£935.81

£655.11

£535.28

£563.61

Camden

£1,944.28

£1,471.05

£1,614.44

£1,911.65

Croydon

£877.81

£623.19

£519.39

£508.41

Ealing

£1,222.47

£884.56

£719.24

£746.22

Enfield

£961.00

£691.76

£648.82

£521.84

Greenwich

£1,148.15

£793.26

£665.35

£638.39

Hackney

£1,575.92

£1,068.69

£949.76

£700.51

Hammersmith & Fulham

£2,001.25

£1,485.83

£1,349.78

£1,457.83

Haringey

£1,272.08

£910.72

£847.42

£927.84

Harrow

£1,064.08

£690.53

£562.51

£543.48

Havering

£854.06

£597.71

£462.79

£471.11

Hillingdon

£962.45

£639.90

£498.44

£510.31

Hounslow

£1,230.88

£836.20

£674.10

£801.43

Islington

£1,716.96

£1,164.90

£1,094.33

£895.85

Kingston upon Thames

£1,099.15

£740.65

£648.55

£627.40

Lambeth

£1,616.82

£1,128.41

£1,318.46

£961.21

Lewisham

£1,031.97

£702.67

£577.32

£501.73

Merton

£1,251.29

£854.17

£750.75

£883.43

Newham

£1,281.26

£816.88

£625.47

£526.72

Redbridge

£999.58

£683.40

£582.28

£523.98

Richmond upon Thames

£1,517.73

£970.63

£956.21

£1,067.85

Southwark

£1,715.39

£1,158.93

£1,348.99

£985.07

Sutton

£897.89

£611.98

£551.73

£560.09

Tower Hamlets

£1,678.08

£1,183.81

£1,165.32

£884.77

Waltham Forest

£1,100.61

£702.05

£549.31

£478.52

Wandsworth

£1,507.67

£1,051.18

£1,044.39

£975.57

Westminster

£2,915.22

£2,167.34

£2,594.34

£2,869.39

Methodology: The data was gathered using OnTheMarket.com’s average rental price data, cross referenced with the latest average salary statistics published by the Office for National Statistics.

Borough

Av. monthly salary per borough

Monthly rental cost of a 2 bedroom flat (one person per bedroom)

% of monthly salary spent on rent

Barking and Dagenham

£2,232.35

£612.47

27%

Barnet

£3,149.00

£835.82

27%

Bexley

£2,774.93

£560.41

20%

Brent

£2,831.09

£805.60

28%

Bromley

£3,454.52

£655.11

19%

Camden

£3,181.17

£1,471.05

46%

City of London

Insufficient data to analyse

Croydon

£2,900.51

£623.19

21%

Ealing

£3,200.39

£884.56

28%

Enfield

£2,669.30

£691.76

26%

Greenwich

£3,746.97

£793.26

21%

Hackney

£2,839.22

£1,068.69

38%

Hammersmith & Fulham

£4,910.32

£1,485.83

30%

Haringey

£2,920.92

£910.72

31%

Harrow

£2,943.10

£690.53

23%

Havering

£2,812.28

£597.71

21%

Hillingdon

£2,437.50

£639.90

26%

Hounslow

£2,721.04

£836.20

31%

Islington

£4,440.17

£1,164.90

26%

Kensington and Chelsea

Insufficient data to analyse

Kingston upon Thames

£4,352.78

£740.65

17%

Lambeth

£3,578.35

£1,128.41

32%

Lewisham

£3,011.14

£702.67

23%

Merton

£3,778.75

£854.17

23%

Newham

£2,349.76

£816.88

35%

Redbridge

£2,872.87

 
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