fbpx

Spotahome: London shows 221% rental difference between postcodes

Jessica Bird

July 23, 2020

The overall average London rent is £1,516 per month, but there is a difference of 221% between the most expensive Central London postcode (£2,888) and the most affordable postcode in Bexley (£900), according to research by Spotahome.

Comparing rental differences within the same borough, the most significant difference was found in Havering, where the RM4 postcode (£2,600pm) was 137% higher compared to the RM1 postcode (£1,098pm).

Within the borough of Richmond, the difference between the SW13 postcode and the lower rent TW3 postcode was 118%, or £1,318 per month.

Croydon’s CR9 postcode (£995pm) was 96% lower compared to CR6 (£1,953), with Hounslow (87%), Bromley (77%), Kingston (77%), Camden (75%), Merton (72%), Barnet (69%) and Westminster (67%) also home to some of the most substantial differences.

Haringey was the borough with the smallest difference in rental costs between the most and least expensive postcodes, with an average rent per month of £1,617 in the N6 postcode and an average rent of £1,344 in N15.

Nadia Butt, UK and Ireland country manager at Spotahome, said: “Location is key for many London renters, but it’s often the first thing we compromise on to keep costs down.

“While this is inevitable in a market such as London, compromising on location doesn’t necessarily mean moving miles away from where we want to be.

“Our research shows you can cut your rental outgoings considerably in every borough of London, simply by moving from one part to the other.

“While you might not be exactly where you want to be, it means you can remain a short distance away and still have more money in your pocket after your rent is due.

“Particularly in the current circumstances, many tenants may be struggling financially and by being able to reduce what is likely to be their largest financial outgoing, this could make a real difference.

“With such a diverse rental market, finding your perfect London rental is all about research.

“The more time you spend on it, the more likely you are to find a suitable more affordable property.”


Sign up to our daily email