We take a look at the ten cheapest places to live in London. This is based on average (mean) rental prices for 2-bedroom properties across all 32 London boroughs, using the latest statistics available from the Valuation Office Agency at the time of writing (February 2022). HomeViews collects thousands of verified resident reviews for new developments across London and UK, and value for money is a key factor in how happy they are with their homes. Read on to discover the London boroughs with the lowest property prices and read reviews of homes in those areas.
Living in london
Life in London is notoriously expensive. Between October 2020 and September 2021, London had the highest median monthly rent at £1,425; this is nearly double that of England overall. In more real terms, this was £500 higher than the next largest median rent for a region, which was £925, in the South East.
However, the beginning of 2021 saw the capital’s average rental rates drop by 12.4% compared to the last quarter of 2020. The pandemic continues to play a huge role in shaping London rental rates. From the year leading up to March 2021, London’s overall rental demand has dropped by a massive 43%.
The latest figures from PwC indicate that London tenants aged 22 – 29 spend on average 53% of their income on private rents. The usual benchmark for rents to be considered affordable is 30% of gross annual income. This means that finding the best value homes in London is crucial if you want to be able to live there.
We’re using rental prices as a guide to the cheapest places to live in London. Why? Firstly, because rent is by far the largest expense that you’ll have to budget for when living in London. Secondly, the data available for rental prices is much more consistent and regularly updated than stats around other living costs.
London living costs
That being said, there are, of course, many more factors you’ll need to consider. Living costs like food prices, transport costs and council tax rates will have a big effect on how affordable certain areas are.
However, the following list will give you a good idea of where to look to find the cheapest places you can live in London. We’ll show you the ten cheapest London boroughs, then keep scrolling for links to some of the best value London apartments on HomeViews!
The ten cheapest places to live in London
Joint 1st/2nd. Havering
Average rent: £1,150 pcm
The joint cheapest place to live in London is Havering, with an average rent of £1,150 pcm. Havering has a lower population density than most London boroughs, giving it the extra appeal of plenty of open green spaces. Sitting at the far eastern edge of Greater London, Havering is still connected to the District line, Overground and C2C services at Upminster station. Romford, Gidea Park and Harold Wood stations will also benefit from increased services once Crossrail fully opens.
Joint 1st/2nd. Bexley
Average rent: £1,150 pcm
Bexley is the joint winner on our list of the cheapest London boroughs, with an average rent of £1,150 pcm. Sitting between Dartford to the east and Greenwich to the west, Bexley offers Londoners good value homes in areas such as Bexleyheath, Sidcup, Erith and Crayford. Transport connections come in the form of rail services on the North Kent, Bexleyheath and Dartford Loop lines. Crossrail is also set to provide a major boost, with a terminal at nearby Abbey Wood station.
3rd. Sutton
Average rent: £1,160 pcm
Sutton is in third place on our list of budget places to live in the capital. Average rents of £1,160 pcm and plenty of green spaces make this a highly attractive area for young parents working in central London. In addition, schools are excellent – Sutton achieves the best GCSE results of all London boroughs – and crime rates are also low. Rail connections from the borough run through to London Victoria, London Bridge, St Pancras and Clapham Junction.
4th. Barking & Dagenham
Average rent: £1,200 pcm
Just to the west of Havering lies Barking & Dagenham, number four on our list of the cheapest places to live in London. It offers average rents of £1,200 pcm and regular services on the Hammersmith & City and District lines, as well as National Rail services into Fenchurch Street. As with many of its neighbouring boroughs, Barking & Dagenham will also benefit from the completion of the Elizabeth Line, with a connection at Chadwell Heath station.
Joint 5th/6th. Croydon
Average rent: £1,250 pcm
Our joint 5th/6th cheapest London borough for renting is Croydon. Massive regeneration has provided this southerly borough with a new lease of life in recent years, but rents stay low at an average of £1,250 pcm. Trains from East Croydon station into London Victoria can take as little as 15 minutes, making it a very easy commuter option. As well as the urban area of Croydon, the wider borough includes areas such as Purley, South Norwood, Coulsdon and Norbury.
Joint 5th/6th. Redbridge
Average rent: £1,250 pcm
In joint 5th/6th place with Croydon, Redbridge sits in the northeast corner of Greater London. Ilford is the main municipal centre of the borough, with Wanstead and Woodford being the other key settlements. Currently running as TfL Rail but soon to be renamed as part of the Elizabeth Line, services from Ilford, Seven Kings, Goodmayes and Chadwell Heath stations complement extensive Central line services on the Epping Branch and Hainault Loop.
7th. Hillingdon
Average rent: £1,275 pcm
We head over to the far west now, to the borough of Hillingdon in 7th place. It’s the second-largest London borough by area, with an average rent of £1,275 pcm. Heathrow Airport is a major employer in the borough, and the presence of Brunel University also provides a significant boost to the local economy.
Joint 8th/9th/10th. Bromley
Average rent: £1,300 pcm
Bromley is joined with Waltham Forest and Enfield for the last three positions on our list. It sits in the far southeastern corner of Greater London. Still offering good value accommodation with an average rent of £1,300 pcm, Bromley is also the largest of all the London boroughs. Bromley has no London Underground stations within its borders but is well served by the Overground, as well as Thameslink, Southeastern and Southern rail services.
Joint 8th/9th/10th. Waltham Forest
Average rent: £1,300 pcm
Epping Forest is the main surviving remnant of the original Waltham Forest that gives this borough its name. Tied 8th/9th/10th cheapest place to live in London, Waltham Forest extends from Chingford in the north down through Walthamstow to Leytonstone in the south. The borough is particularly well served by London Underground services, with Central and Victoria lines running through its south and middle respectively. London Overground services also serve the borough on the Gospel Oak to Barking line.
Joint 8th/9th/10th. Enfield
Average rent: £1,300 pcm
Last of the three-way tie on our list of London’s cheapest places to live is Enfield. Its low average rent of £1,300 pcm makes it a popular choice for young professionals and families looking for good value for money. Enfield is well served by public transport access as well as good road links to Greater London and beyond. Thanks to its ongoing regeneration efforts, Enfield is also becoming a place of new opportunities and a magnet for private investment.
Great value London homes available to rent
South London (from £870 pcm – click below to see apartments)
East London (from £1,100 pcm – click below to see apartments)
North London (from £1,350 pcm – click below to see apartments)
West London (from £1,300 pcm – click below to see apartments)
Discover more developments that residents consider to be the best value new homes in London, or explore stunning London properties under £500k.
HomeViews provides verified resident reviews of the UK’s housing developments. We’re working with developers, landlords and the Government to recognise high performers and help to improve standards in the built environment.
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