Most and least affordable postcodes to rent in London revealed
Rents are at an all time high in the capital. Now, new data from leading flatshare site SpareRoom reveals that a quarter (24%) of Londoners have been priced out of the area they were living in in the last six months, and 50% of these have had to move in with flatmates in order to find somewhere more affordable*.
With the average monthly room rent in the capital at a staggering £952 in Q1 2023, and with not a single London postcode with an average monthly room rent of under £700, it’s unsurprising that Londoners are struggling to find affordable housing.
To help Londoners looking for their next move, SpareRoom has compiled a list of the most and least affordable places to live in the capital.
The most affordable postcodes are mainly in the east and south east London regions. The cheapest area to rent a room is Lower Edmonton (N9) at £706, followed by Manor Park (E12) at £707 and Thamesmead (SE28) at £731.
Unsurprisingly, the least affordable postcodes are still in central and west London areas — Chelsea (SW3) had the highest average monthly room rent at £1,510, followed by South Kensington/Knightsbridge (SW7) at £1,449 and the West End/Soho (W1) at £1,350.
Matt Hutchinson, Director at SpareRoom comments: “Whilst demand for rooms is still lower than the record highs we saw at the end of 2022, rising interest rates and a cost of living crisis are continuing to drive rents up to record levels.
With the average room rent in the capital at an unprecedented £952 in March 2023, and not a single London postcode with average monthly rents under £700, Londoners are being forced to move and into house-shares. Unless something is done to stop the continuing decline in rental supply, things aren’t likely to improve much for renters. Government has to do much, much more to help, or the housing crisis will become a housing disaster and renters will continue to be forced from the capital.”
