Living in London: The cheapest and costliest places to live

If you are moving to London or moving around within London, then you’ll need to have a serious think about the costs involved. Although London may be a beautiful city, with many prosperous jobs and beautiful homes, but it is also an incredibly costly place to rent. However, as with most major cities, some places are more expensive than other.

A recent HomeLet survey based on their Rental Index data has shown how expensive each region is to rent in. Here, we look at the boroughs with the highest and lowest rental rates based on the average rental cost for a new tenancy in the borough over the last 12 months.

Highest

#3 Camden – £1,258
camden town

Located in zone 2 on the underground map, Camden is ideally located for those working in the city centre. Plus, from markets to music, Camden has a range of eclectic activities on offer for residents.

With the Regent’s Canal running through the centre, Camden is now a bustling residential area thanks to its numerous markets, popular music venues such as Koko or the Roundhouse and world class cuisine. Camden really does have something for everyone, which maybe explains the average rent standing at £1,258pcm.

#2 Westminster – £1,489
westminster_2604123b

The home of one of the UK’s most iconic attractions, the Houses of Parliament, Westminster also contains great shops and theatre shows. Its central London location means that on average you’ll pay £1,489pcm for rent, but for that you’ll live in one of London’s most attractive locations.

Westminster’s Tube station is served by the Jubilee line, the Circle line and the District line, meaning that you’ll have no problems getting around town. One of London’s most traditional areas, Westminster is also rich with living history, offering a glimpse into traditions that are centuries old.

#1 Kensington and Chelsea – £2,071
Chelsea

The Royal Borough of Kensington and Chelsea (sometimes abbreviated to RBKC) is London’s smallest borough. Immediately to the west of the city of Westminster, it is a hotspot for major museums and universities as well as shops such as Harrods and Harvey Nichols.

All of these point towards why Kensington and Chelsea is the most affordable to rent in, with the average rent reaching £2,071.

Lowest

#3 Sutton – £683
Sutton

Located in south west London, Sutton is one of London’s outer boroughs. Transport and commuting times to the centre of London are likely why Sutton has the third lowest average rental rate in London, but the area itself has many positives, especially as the area itself contains schools with some of the best results in the entire country. In addition, crime in Sutton is also incredibly low, and an Ipsos MORI poll in 2014 found that 97% of residents found the borough completely safe during the day.

#2 Havering – £680
Havering

Again in outer London, Havering is the second least expensive borough to rent in largely because of transportation times. Located in east London, the borough is characterised by a mixture of protected open spaces and residential developments. Within Havering, the town of Romford also contains a large night time entertainment centre and many retail establishments.

#1 Croydon £659
Croydon

The cheapest borough to rent in London, it is perhaps unsurprising that Croydon is also situated in outer London, with lengthy commute times into the centre. Mentioned in the Doomsday book, the town of Croydon is situated within the borough that takes its name, and it has transformed from a small market town to a bustling and vibrant area.
One of the hearts of London’s cultural centre, Croydon remains a great place to live, with fringe cinemas and independent entertainment centres aplenty.

So, there we have it, the three most expensive and three cheapest boroughs to rent in London.

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