The simple hack which allows you to cut your rent in London by at least £280

Renting in London is – let’s face it – expensive.

It’s pretty much impossible to save, making it extremely hard to move out and buy a home of your own.

However, there are ways of saving money and paying less rent.

Research by the international rental marketplace, Spotahome , has revealed how London tenants can reduce their rental spend by as much as 137 per cent without leaving their current borough.

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While the overall average London rent is £1,516 per month, there is a huge 221 per cent difference between the most expensive London postcode (£2,888) and the most affordable (£900).

Renting prices in both Kensington and Chelsea and Westminster were most expensive, while homes in Bexley were the cheapest.

Interestingly, the data shows significant rental savings can be made by merely moving within the same borough.

The most significant saving is in Havering, where moving from the RM4 postcode (£2,600pm) to the RM1 postcode (£1,098pm) can cut your rental outgoings by a massive 137 per cent.

A move within Richmond from the SW13 postcode to the TW3 postcode can also more than half your rent, with a 118 per cent reduction saving tenants £1,318 per month.

Renting in London makes it nearly impossible to save
(Image: Daniel Leal-Olivas/PA)

Croydon’s CR9 postcode (£995pm) offers a 96 per cent rental reduction when compared to the CR6 postcode (£1,953), with Hounslow (87 per cent), Bromley (77 per cent), Kingston (77 per cent), Camden (75 per cent), Merton (72 per cent), Barnet (69 per cent) and Westminster (67 per cent) also home to some of the most substantial reductions.

Haringey is the borough with the smallest reduction in rental costs between the most and least expensive postcodes. However, with an average rent per month of £1,617 in the N6 postcode and an average rent of £1,344 in the N15 postcode, tenants can still cut their rental outgoings by 20 per cent while remaining in the same borough.

Nadia Butt, UK and Ireland country manager of 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.”

How much money tenants can save by moving

London borough Average borough rent Most expensive postcode Max rent Least expensive postcode Min rent Difference (£) Difference (%)
Havering £1,348 RM4 £2,600 RM1 £1,098 £1,502 137%
Richmond upon Thames £1,551 SW13 £2,438 TW3 £1,120 £1,318 118%
Croydon £1,265 CR6 £1,953 CR9 £995 £958 96%
Hounslow £1,420 W6 £2,097 TW15 £1,119 £978 87%
Bromley £1,349 CR6 £1,953 BR8 £1,101 £852 77%
Kingston upon Thames £1,536 TW10 £2,030 KT9 £1,150 £880 77%
Camden £1,903 NW8 £2,492 NW2 £1,423 £1,069 75%
Merton £1,414 SW17 £1,733 CR7 £1,008 £725 72%
Barnet £1,526 NW3 £2,245 EN5 £1,330 £915 69%
Westminster £2,277 SW7 £2,888 NW6 £1,726 £1,162 67%
Waltham Forest £1,506 E20 £2,150 E11 £1,306 £844 65%
Redbridge £1,367 IG7 £1,812 RM5 £1,101 £711 65%
Hammersmith and Fulham £1,907 SW10 £2,354 NW10 £1,438 £916 64%
Lambeth £1,703 SW8 £2,092 SE19 £1,308 £784 60%
Newham £1,560 E20 £2,150 E13 £1,345 £805 60%
Kensington and Chelsea £2,341 SW7 £2,888 W14 £1,808 £1,080 60%
Southwark £1,642 SE1 £2,076 SE19 £1,308 £768 59%
Wandsworth £1,835 SW11 £2,214 SW16 £1,426 £788 55%
Bexley £1,151 DA16 £1,383 DA15 £900 £483 54%
Ealing £1,432 W4 £1,838 UB5 £1,207 £631 52%
Brent £1,527 W9 £1,966 HA3 £1,293 £673 52%
Lewisham £1,412 SE15 £1,725 SE6 £1,147 £578 50%
Greenwich £1,354 SE10 £1,702 SE7 £1,170 £532 45%
Hackney £1,725 E20 £2,150 N16 £1,489 £661 44%
Islington £1,676 N1 £1,989 N8 £1,398 £591 42%
Tower Hamlets £1,741 E20 £2,150 E15 £1,557 £593 38%
Sutton £1,242 SM7 £1,499 CR4 £1,097 £402 37%
Harrow £1,373 HA7 £1,611 UB5 £1,207 £404 33%
Barking and Dagenham £1,292 RM10 £1,407 RM1 £1,098 £309 28%
Enfield £1,297 N11 £1,432 EN8 £1,126 £306 27%
Hillingdon £1,305 HA6 £1,535 UB5 £1,207 £328 27%
Haringey £1,450 N6 £1,617 N15 £1,344 £273 20%

For more details about Spotahome click here.

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