As the strong grip of market forces and inflation continues to throttle rent prices in our capital, the prospect of living and renting in London becomes increasingly difficult. The statistics present a frightening but important indication of where this rental market is headed in the coming years. According to HomeLet, the average rent in London increased by 2.3% in January 2018 compared to rent in the same month of 2017. In addition, a survey of landlords in 2017 revealed that over a third of landlords had intentions to raise their rental amounts within the next year. Similarly harrowing facts may grace our newspapers every day, but despite all appearances, there is still hope for the London renter.
In our previous blog post, we looked at some popular areas in London on the rise among families and professionals alike. However, we understand that the current housing market can place financial restrictions on of those looking to rent within those coveted London postcodes, and that many will be prioritising cost over cool. But contrary to what you may at first think, London’s low-rent market is not one filled with bleak properties and cramped flatshares – affordable areas are not always undesirable, nor do they have to be far removed from the city. To give you a more positive picture of this landscape, we’ll be considering some of the cheapest areas in London to rent in 2018 – and we say areas in London we do mean areas in London, not the surrounding counties like Kent and Hertfordshire.
Note: the average price of rent per week in London stands at £665, so each of the following London areas boast local rent averages that sit well below the overall London average.
Walthamstow – E17
Walthamstow is as attractive as it is cheap, with plenty of green space and a lovely village feel. Located in a cosy borough of east London amidst Waltham Forest and a series of reservoirs, this low-rent area benefits from a thriving neighbourly community, a hearty supply of eateries, several great schools and a pleasant little high street (with a noticeable lack of traffic to boot). It’s one of those areas that perfectly balances the affordable with the affable.
Transport links: Walthamstow Central tube is right at the eastern end of the Victoria line, making commutes through to the city and day trips to Oxford Street an easy 30 minutes. Likewise, there are trains going directly to Liverpool Street for fans of overground travel. Walthamstow is also very well connected by buses (although you can safely assume that this will be the case for every London area covered in this article because, well… it’s London!)
Average rent per week: £254
Lower Edmonton – N9
Tucked between Winchmore Hill and the River Lea, the many greens and high streets of Edmonton provides a metropolitan feel with not-so-metropolitan rental prices. Lower Edmonton, the more ‘downtown’ area of N9, is replete with yummy restaurants and diverse cultural scenes, as well as the many shops of nearby Fore Street. If the low rents of Edmonton are not enough, perhaps its proximity to Tottenham IKEA and Lee Valley Golf Course will seal the deal.
Transport links: Catch the Overground from Edmonton Green and it will take you straight to Liverpool Street in 30 minutes. There are also regular national rail services running to the city.
Average rent per week: £219
Woolwich – SE18
Full of character and quickly on the rise, Woolwich is a vibrant community resting on the eastern south bank of the River Thames. Partly thanks to redevelopments and the imminent Crossrail, Woolwich has that coveted feel of a district coming to its own. From industrial conversions to impressive skylines, you can enjoy the charm of the city to the tune of surprisingly low rents. Enjoy striking dockland cityscapes by the waterfront, relish the listed buildings of period streets, or sample the traditional pubs and worldly cuisine that forms the beating heart of Woolwich.
Transport links: Woolwich is well connected to the city via DLR trains and Thames Clippers, both of which involve an easy commute of well under an hour. For an even quicker commute, just wait for the arrival of Crossrail this year. As one of two Crossrail stops south of the Thames, Woolwich residents will benefit from an 8 minute journey into Canary Wharf – a dream!
Average rent per week: £210
Forest Gate – E7
Due east of Stratford and north of the river, Forest Gate makes for a great cheap London haunt. Boasting a selection of affordable rental properties, acres upon acres of refreshing heathland, community cafés, independent bars, and an exciting cultural history (Idris Elba was born here!), Forest Gate reinvents itself for today while keeping its strong identity as a gem of the east end.
Transport links: Sitting on the Great Eastern Main Line which runs from Essex to the city, Forest Gate station enjoys TfL Rail services which get you to Liverpool Street in 15 minutes. Rebranding as a Crossrail station in late 2018, Forest Gate residents will soon enjoy speedy commutes through to the likes of Tottenham Court Road and Canary Wharf.
Average rent per week: £231
Catford – SE6
There’s a lot more to Catford than the big cat sculpture creeping atop its main high street. Nestled in the heart of southeast London below the districts of Lewisham and Brockley. Everything from contemporary bars to traditional village bakeries make Catford an exciting (steadily emerging) place to be. Browse period terraced maisonettes, iconic brutalist designs, and a selection of shiny new builds amidst one of the cheapest areas in London today.
Transport links: Catford Bridge station takes you direct to Charing Cross in under 30 minutes, while Catford station is serviced by Thameslink trains that can whip you into the city in no time. (Have you noticed a theme yet? It’s almost as if London transport links are incredibly efficient and you can always get from one place to another with very little hassle…)
Average rent per week: £225
Tottenham – N17
With considerable amounts of regeneration under its belt and a diverse and vibrant local scene, Tottenham is a large borough of north London noted for its low rent, world cuisine, city walks, and impressive community spirit. Find yourself a bargain house just off the bustling High Road, and enjoy the many benefits of the city from a more affordable and unrestricted perspective (with plenty of money left to sample some great Turkish food and artisanal coffee).
Transport links: Given the population of the area, Tottenham is very well connected to the city. Tottenham Hale station and Seven Sisters station are on the eastern end of the Victoria line, while South Tottenham station and White Hart Lane station enjoy regular Overground services, so generally speaking morning commutes are nothing more than a solid half-an-hour affair.
Average rent per week: £242
If you are looking to rent a beautiful property in South West London, feel free to peruse the lettings we have available here at James Anderson. Your ideal property could be waiting around right here in our listings, so why not take a look?