Bexley in South East London, is the cheapest place to rent in London for those living as a group of four, according to recent findings by property website OnTheMarket.com.
The data used average private rental prices to determine whether one, two, three or four-bedroom properties are the best value in each borough.
It found the average monthly total rent for a four-bedroom property in Bexley is £1,633.52 – working out to be £407.38 each when divided between four people. This is 35% cheaper than the average cost of renting a room in London (£629 per month), according to the government’s latest statistics.
Bexley station is situated in zone 6, with a 38-minute commute to London Charing Cross costing up to £6.23 daily on a Southeastern train. For a weekly season ticket, the cost reaches £62.30 and £239.30 for a monthly season ticket.
In the ‘best value’ section of the data – which shows the cheapest scenarios in each London area with the amount in monthly rent payable per person – Bexley was the cheapest borough for each scenario.
Across the rest of the capital, however, OnTheMarket’s data showed that in North London, living as a group of four in Enfield is the cheapest scenario, with an average rent of £521.84 per tenant. In South London, Croydon provides the best value for those renting as a group of four. The average monthly rental cost for each of the four tenants is £508.41.
Meanwhile, living as a group of three in Hillingdon is the most cost-effective way to rent in West London, with an average cost of £498.44 per month for each tenant. In Central London, the cheapest scenario is to live as a group of four in Islington at an average rental cost of £895.85 per person.
There are still some boroughs where it is cheaper to live as a group of three instead of four; Haringey, Havering, Bromley, Merton, Sutton, Ealing, Hammersmith & Fulham, Hillingdon, Hounslow and Richmond upon Thames.
Living in a group of two (one bedroom each) is the cheapest alternative in Camden, Kensington and Chelsea and Westminster. Of course, if couples choose to occupy a property, they reduce the monthly rental costs up to half.
Helen Whiteley, commercial director at OnTheMarket.com, said that while tenants in the capital are becoming increasingly stretched, they can potentially reduce their overall rental outgoings by ‘examining different cost scenarios’ based on the number of flatmates.
“The findings also highlight that considering moving to a different borough can save notable amounts of money for the difference of just a few miles,” she continued.
Charlie Benn, director of lettings at Anthony Martin estate agency in Bexley, added: “We often see people relocating from price inflated areas within South East London to much more affordable Bexley postcodes.”
“With a journey time into central London falling within 45 minutes to an hour, at a time when two-hour commutes are on the rise, it provides ideal for city workers. Bexley is also within an easy commute to the highly anticipated Crossrail Link (at Abbey Wood), which is due to open in December 2018, providing more time saving commutes.”
Jake Blackman, branch manager at Acorn, said: “With the introduction of Crossrail into the area, improving the already vast transport links into the city, and the plethora of good schools and entertainment options, Bexley has proved to be a hotspot for those moving out of the humdrum of city life.”