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.
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 (%)|
|Richmond upon Thames||£1,551||SW13||£2,438||TW3||£1,120||£1,318||118%|
|Kingston upon Thames||£1,536||TW10||£2,030||KT9||£1,150||£880||77%|
|Hammersmith and Fulham||£1,907||SW10||£2,354||NW10||£1,438||£916||64%|
|Kensington and Chelsea||£2,341||SW7||£2,888||W14||£1,808||£1,080||60%|
|Barking and Dagenham||£1,292||RM10||£1,407||RM1||£1,098||£309||28%|
For more details about Spotahome click here.
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