Analysis by main rental portal, Rentd, has revealed that renting south of the river can save London’s tenants a mean of £129 monthly, however this saving can climb as excessive as £800 monthly just by crossing the Thames from one borough to the opposite.
Rentd analysed present London rental market values and located that the typical value of renting throughout boroughs north of the Thames at present stands at £1,625 monthly, 1.8% greater than the broader London common of £1,597.
Setting your websites on a south London rental is extra inexpensive, with the typical value throughout boroughs to the south of the Thames coming in at simply £1,496 monthly. Not solely is that this -6.3% beneath the London common, nevertheless it’s -8% extra inexpensive than the price of renting north of the river.
Nevertheless, tenants eager to maintain their choices open might save on renting just by hopping the Thames between boroughs straddling the river financial institution.
A transfer from Kensington and Chelsea to Wandsworth would end in a saving of £810 monthly, whereas Westminster to Lambeth would see tenants save £797 monthly in rental prices.
Choosing Lewisham over Tower Hamlets would additionally see you save £299 monthly in rental prices nevertheless it’s not only a north to south transfer throughout the Thames that would cut back this month-to-month outgoing.
At £1,227 monthly, Barking and Dagenham is £217 monthly extra inexpensive than renting in Greenwich, whereas choosing Hounslow over Richmond would carry a month-to-month saving of £390 monthly.
Founder and CEO of Rentd, Ahmed Gamal, commented: “The London rental market is notoriously costly and we’re at present seeing this value of residing being squeezed throughout all areas of the house, not simply the price of renting. So for a lot of tenants, it’s a matter of residing the place they’ll afford versus the place they may truly wish to be.
Nevertheless, discovering a better degree of affordability doesn’t essentially imply seeking to the outskirts of the capital and, the truth is, you possibly can significantly cut back your rental outgoings just by hopping the river from one financial institution to the opposite.
Whereas south London is usually house to a decrease value of renting there are pockets of affordability to be discovered all through the London market and now has by no means been a greater time to seek out them as rents are but to return to their pre-pandemic highs.
After all, this gained’t stay the case ceaselessly and so it’s all the time essential to contemplate whether or not or not you possibly can afford a rise in the price of renting additional down the road if you’re seeking to lay long run foundations within the London market.”