London’s cheapest place to rent revealed — but it might not be for long

It’s no secret that renting in London typically comes with a huge price tag.

But if your tenancy is up for renewal and you’re looking for a bit of respite from it all, one ‘quaint’ borough could provide you with more bang for your buck.

According to new research, the average rent in this cosy suburb comes in at £1,325 per month. And it’s the perfect spot if you want to stay in the capital for less.

Meanwhile, the East London borough of Havering nabbed second place with average figures of £1,380 per month, and commuter hub Sutton was in third.

Where is the cheapest place to rent in London?

The cheapest place to rent in London overall is currently Bexley, tucked away in South East.

But it is all the way out in Zone 6, so if you’re looking for somewhere a little more central, estate agent Hamptons’ figures claim the least expensive inner London borough is currently Greenwich, where rents average out at £1,800 per month.

However, if you’re planning on taking advantage of these pockets of (semi) affordable rent, you might want to get in there quickly, because data from SpareRoom also shows that SE2 – which includes parts of Greenwich and Bexley – has seen rental prices increase by 54.7% since 2019, the largest increase of any postcode in London.

Likewise, rents in Bexley have increased ever so slightly since June 2024, when data placed typical monthly prices at £1,297 per month – £28 cheaper. It might not sound like a lot, but nevertheless, it’s still a gentle creep upwards.

To put this into perspective, average rents across the entire capital have risen by 32% over the last five years. Essentially, it’s a grim outlook all round, but one that’s becoming grimmer faster in previously less expensive areas.

With those caveats in mind though, Bexley’s offering is plentiful, from historic sites to local breweries. Here’s an idea of what you can get stuck into, and what it’s like to live here…

Things to do in Bexley

Spanning Sidcup, Erith, Bexleyheath, Crayford, Welling and Old Bexley, the borough has a good deal of areas to explore.

For an insight into local history, Hall Place and Gardens is worth a visit, offering various family-friendly exhibitions and experiences including a miniature railway, owl petting and a Saturday Farmers Market.

There’s also Danson House and Park, a Grade I listed Palladian villa first built in 1766. Originally designed by Sir Robert Taylor (AKA, the architect behind the Bank of England), it was reopened by Queen Elizabeth II in 2005.

And, for afternoon strolls galore, there’s Lesnes Abbey Woods. Here, you’ll find 88 hectares of woodland, a park and the ruins of a centuries-old abbey.

Fan of a tipple or two? There are beers aplenty to be sampled at The Bird and Barrel, Bexley Brewery’s micro pub. And it’s even dog-friendly so you can bring your furry friends.

Locals love the area, too – particularly Bexley Village, which was praised on Reddit for, naturally, its village-like feel.

‘Bexley Village is lovely, quiet, quaint,’ penned @Staricakes, while @Blandiblub labelled it ‘nice and small.’

‘I was born in Bexley and have some fond memories of the area,’ @mcluckz added. ‘My grandparents lived near the Broadway – there’s some lovely housing stock, nice parks, especially Danson.’

And as for Bexleyheath, the general consensus is that it’s a ‘peaceful’ place – ideal for those after a change from the city’s hustle and bustle.

‘We’re mid-30s and moved from a busy South London area. It’s definitely quieter,’ @rosewalker wrote, as @NCP_R praised the area’s ‘easy access to trains into London.’

Indeed, getting into the centre is relatively easy: there’s a train connecting Bexley Station to Charing Cross, which takes around 38 minutes, and a route between Slade Green and Cannon Street that’ll get you there in 45 minutes.

Alternatively, you can now get the Elizabeth Line from Abbey Wood. Not only does it take just 31 minutes to get to Paddington, there’s also air con.

So, if you’re ready to give Zone 5/6 a try, Bexley could be your bag.

This article was first published on August 7, 2024.

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