London Rents Now Over Double the UK Average
Tenants in London pay over twice as much rent as the rest of the UK, new research reveals.
The average monthly rent in London was £2,109 in July 2022. That's more than double the UK average of £1,037 per month.
Westminster remains London's most expensive area for renters. Average rents there hit £3,360 per month - over 3 times higher than the UK average.
London tenants now spend 38% of household income on rent, up from 31% in 2017. Rising rents are pushing affordability to the limit.
Cheapest Areas to Rent in London
Some parts of London remain relatively affordable for renters. Here are the top 5 cheapest areas to rent in London and their average monthly rents:
Croydon - £1,471
Redbridge and Waltham Forest - £1,590
Barking, Dagenham and Havering - £1,679
Bexley and Greenwich - £1,726
Harrow and Hillingdon - £1,748
Croydon is the cheapest area for rents in London. Many priced-out central Londoners are relocating there for lower rents and spacious housing.
But Croydon rents could rise as redevelopment and new luxury builds attract more demand. Other affordable areas like Redbridge and Waltham Forest may follow suit.
London Rents Rising Faster than Incomes
London rents have outpaced income growth every month since June 2021. Renters must spend more of their pay just to keep their homes.
This worrying trend is likely to continue as demand rises faster than new housing supply. London renters face an affordability crisis without solutions in sight.
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