The latest in-depth research by Portico shows that, on average, the borough of Bexley is currently the cheapest place in London to rent a two-bedroom property 

Portico has just analysed 26,417 rental properties currently available on Rightmove in all 32 London boroughs to find the cheapest places to rent in London – along with the most expensive.

Portico's research reveals that the average rental price in London right now is £1,832 per month, while the average rental for a two-bedroom property is £1,800 per month.

The borough of Bexley has the lowest average two-bedroom rental price at £1,243 per month. Bexley also contains the cheapest of all the individual two-bedroom properties studied at £850 per month.

The City of London has the highest average two-bedroom rental price at £3,284 per month.

The latest comprehensive research by London estate agents Portico reveals the cheapest and most expensive London boroughs for renters. 

As the pandemic dust finally starts to settle on the capital, Portico wanted to find out exactly how much the past year or so had affected rental prices in London. Perhaps unsurprisingly, rental rates have been dropping during COVID-19. The pandemic drove down central London rents by 13%, with some areas even seeing falls up to 22%. 

For potential tenants, now could be a great time to take on a lease – but precisely where should they head? Portico has examined 26,417 rental properties in all 32 London boroughs currently available on Rightmove to identify the most affordable locations for tenants*. 

The below table shows all 32 London boroughs ranked from cheapest to most expensive**. The boroughs have been ranked by their average 2 bedroom rental prices.

Portico's research shows that the average rental price in the capital is currently sitting at £1,832 per month, while the average rental for a two-bedroom property in the capital is £1,800 per month. 

Diving a little deeper

London's cheapest two-bedroom rental overall is on Kale road in Erith in Bexley, and will set tenants back £850 per month, just £212.50 a month if there were two couples or four sharers in the property.

Here are the five cheapest rental properties currently on the market as per Portico's research:

1.  
2.  
3. In Bexley, the lowest priced 2 bedroom property is on Kale Road, Erith (£850)
4.  
5.  
6.  
7. In Sutton, the lowest priced 2 bedroom property is on Bisley Close, Worcester Park (£1,100) 
8.  
9.  
10.  
11. In Croydon, the lowest priced 2 bedroom property is on Coulsdon Road, Coulsdon (£950) 
12.  
13.  
14.  
15. In Hillingdon, the lowest priced 2 bedroom property is on Aylsham Drive, Ickenham (£1,050)
16.  
17.  
18.  
19. In Barking and Dagenham, the lowest priced 2 bedroom property is on High Road, Chadwell Heath (£950)
20.  

While Portico's latest figures will prove useful for renters looking for a bargain, we're also seeing the first green shoots of recovery for investors. 

Robert Nichols, CEO of Portico estate agents says, “As life begins to return to something a lot more like normal, tenants seem to be making their first post-pandemic moves. Renter registrations are already up a staggering 44% from this time last year. It seems only a matter of time before balance is restored in the market, which will undoubtedly represent some very welcome news for landlords throughout the capital. 

The current snapshot is likely to prove temporary. Along with being an excellent time to rent, it could also be a window of opportunity for first-time investors or those seeking to expand an existing property portfolio. While it's evident the pandemic has distorted the market, it seems there are lingering effects. With recovery imminent, some of the boroughs that wouldn't ordinarily offer such bargains may just be lagging behind unfolding events. For tenants and investors alike, that might represent a once in a lifetime chance.”

For the complete research, including borough-wide average rental price across all property types (not just two bedroom properties), visit https://www.portico.com/blog/tenant-advice/the-cheapest-places-to-rent-in-london

ENDS

For media enquiries, please contact:

Emma Williams, e.williams@portico.com 

Data and Notes to Editors

*Data is correct as of May 11 2021. The data analysed includes 26,417 rental properties on Rightmove, excluding house shares, HMOs, garages, parking spots and retirement property.

Rightmove caps scraping to 42 pages for a large number of results, which is 1,200 properties per borough. So, for the areas with more properties than 1,200 market listings, we have capped the range of properties analysed to 1,200. We've also selected the first 1,200 most recently listed properties in those areas in order to provide a fair assessment of average rental prices in the area.

About Portico

Portico is an award-winning estate and lettings agency offering a range of services, including Portico Handyman, Portico Housekeeping, Portico Host, Airbnb management services and Portico Finance. It has 15 offices throughout London zones 1-4 and nationwide coverage through Portico Direct. The firm prides themselves on their knowledge-driven approach, delivering high-quality advice in an approachable manner. www.portico.com