There are only 6 London postcodes where you can rent for under £800
There is no bias in the title provided.
London has always been expensive, but there was a time when you could get considerable change out of £1,000 for your monthly rent (and buy a pint for under £5).
Fast forward to 2024 and there are just six postcodes left in the Big Smoke where you can still rent a room for under £800 – AKA about a third of the average full-time worker’s monthly earnings.
There are plenty of Londoners who don’t earn the average, too, despite fewer and fewer places for them to live without handing over the majority of their wage to a landlord.
New data from SpareRoom shows that E12 (Manor Park in East London) is the cheapest postcode to rent in 2024, with averages coming in at £780 per month.
Situated in the London Borough of Newham, Manor Park is bordered by Ilford, Forest Gate, Wanstead and East Ham. Famous for its Victorian terraces and, increasingly, its cheap rents, it’s become steadily more fashionable since it was connected to central London via the Elizabeth Line.
Be still though, beating heart: you might want to look into the council tax rates for the area before jumping ship.
In Newham, properties valued between £120,001 and £160,000 are charged £2,350.87 in council tax each year, rising to £3,255.06 per year for homes costing £320,001 and above – important figures to consider.
In second place is SE20, Penge, with an average room rent of £791, while up north in N18, Upper Edmonton you’re looking at £793 a month.
Also now on the Elizabeth Line, Abbey Wood (SE2) is attracting the attention of penny-starved commuters, with the averages coming in at £796 putting it third in the ranking.
Norwood (SE25) averages in at £798, and Forest Hill (SE23), racks up to £800 on the dot. Notably, Forest Hill isn’t far from its stylish sister, Peckham, which houses quirky rooftop bars, sizable green spaces and Peckham Plex, the famous, pink-themed cinema that’s like stepping back into the 1980s. Tickets are still £6 a pop, too.
Heading South East is clearly the choice for savvy renters, as since one suburb has become a hotspot for houseshares amid rising bills.
And while places like Clapham and Hackney are still the most popular, the biggest ‘climbers’ are between seven and 11 miles from Central London, while demand in previously popular central areas is decreasing (former hotspot Camden Town is down in popularity by 45%).
Although Abbey Wood and Forest Gate top the list due to their budget-friendly rent prices (averaging between £827 and £796 per month), it’s the third highest climber, Crystal Palace, that gets the most praise.
Locals call the Bromley spot ‘honestly amazing’ with TikTok user @cece_selma saying: ‘You can try and tell me Crystal Palace is not the best place in London, but I wouldn’t believe you.’
The London postcodes with room rents under £800, according to SpareRoom
E12 (Manor Park): £780
SE20 (Penge): £791
N18 (Upper Edmonton): £793
SE2 (Abbey Wood): £796
E4 (Chingford): £798
SE25 (Norwood): £798
SE23 (Forest Hill): £800.
There are only 6 London postcodes where you can rent a room for under £800
