Renting in the capital can be expensive. And for many who live there, location is of paramount importance, so moving too far away from where you want to be to save money is a no-no.
Newly released data from international rental marketplace, Spotahome, has revealed how London tenants can reduce their rental spend by as much as 137% without leaving their current borough.
Spotahome’s research analysed current rental prices across the capital and found that while the overall average London rent is £1,516 per month, there is a huge 221% difference between the most expensive London postcode (£2,888) and the most affordable (£900).
Although this presents a considerable saving, it would require a move from prime central London to Bexley which may not appeal to many tenants. So Spotahome also looked at where you can find the most significant rental savings within the London rental market, by merely moving within the same borough.
The most significant saving is in Havering, where moving from the RM4 postcode (£2,600pm) to the RM1 postcode (£1,098pm) can cut your rental outgoings by a massive 137%.
A move within the borough of Richmond from the SW13 postcode to the TW3 postcode can also more than half your rent, with a 118% reduction saving tenants £1,318 per month.
Croydon’s CR9 postcode (£995pm) offers a 96% rental reduction when compared to the CR6 postcode (£1,953), with Hounslow (87%), Bromley (77%), Kingston (77%), Camden (75%), Merton (72%), Barnet (69%) and Westminster (67%) also home to some of the most substantial reductions.
Haringey is the borough with the smallest reduction in rental costs between the most and least expensive postcodes. However, with an average rent per month of £1,617 in the N6 postcode and an average rent of £1,344 in the N15 postcode, tenants can still cut their rental outgoings by 20% while remaining in the same borough.
Nadia Butt, UK and Ireland Country Manager of Spotahome, commented: “Location is key for many London renters, but it’s often the first thing we compromise on to keep costs down. While this is inevitable in a market such as London, compromising on location doesn’t necessarily mean moving miles away from where we want to be.
"Our research shows you can cut your rental outgoings considerably in every borough of London, simply by moving from one part to the other. While you might not be exactly where you want to be, it means you can remain a short distance away and still have more money in your pocket after your rent is due.
"Particularly in the current circumstances, many tenants may be struggling financially and by being able to reduce what is likely to be their largest financial outgoing, this could make a real difference. With such a diverse rental market, finding your perfect London rental is all about research. The more time you spend on it, the more likely you are to find a suitable more affordable property.”