Bexley named London's most affordable borough

Bexley has been highlighted as the London borough with the most affordable average residential rents, according to new research.

The latest Landbay rental index, powered by MIAC, has revealed that the average residential rent for a property in Bexley was £1,022.

The borough was just ahead of Sutton (£1,071), Havering (£1,083), Croydon (£1,143) and Bromley (£1,191).

The average overall rent across London, in a shared house of two people, was £1,944, with rents in the capital increasing year-on-year in 28 out of the 33 London boroughs.

Out of the top 10 most affordable boroughs, Lewisham was highlighted as the most viable option for renters wanting to be closer to the centre.

Landbay’s research found that the most expensive average rents were found in Kensington & Chelsea, Westminster, Camden, City of London and Hammersmith & Fulham, with prices out of reach for most first-time renters.

“Historically, desirable locations are likely to hold a rent burden that may make living costs insurmountable,” said John Goodall, CEO and founder at Landbay.

“Young professionals now need to weigh up a variety of factors, including commuting length, travel costs and, above all, rent.

“This is especially true if they hope to save and invest, with the goal of achieving that first step on to the property ladder in the future.

“With the influx of students moving to the capital each year, brokers can help their clients evaluate which areas and properties present the best opportunity that benefit from affordability, commuting distance and an attractive rental yield.”

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