London is never usually synonymous with the word ‘cheap,’ but there are still a few spots bucking the trend (albeit ever so slightly).
According to new research, the cheapest postcode to rent in London is SE2 – Abbey Wood.
Here, the average rent per room comes in at £760 per month, and while it might tower over other locations across the UK, it’s a (relatively) decent deal for the Big Smoke, where prices have now reached a typical £993 per month.
The cheapest postcode to live in London revealed
As per SpareRoom’s rental index, which compared data from the final quarter of 2024 with the same in 2023, E12 (Manor Park) came in second place with average rental payments of £770 per room, while N9 (Lower Edmonton) averaged out at £780.
It was relatively positive news for patches of East London too, where E6 (East Ham) totalled £782, E18 (South Woodford) £786, and E4 (Chingford) £806.
Elsewhere, there’s reason to be optimistic as SpareRoom’s figures show that the UK rental market is (very) slowly rebalancing. UK-wide rents grew by 1% year-on-year, while London rents fell consistently for the entirety of 2024.
In the final quarter of last year, there was a -2% decrease, solidifying the capital as the only region across the UK to reduce during this period.
Things to do in Abbey Wood
Thinking about making the move to Abbey Wood? If you’re in search of green space, there’s Lesnes Abbey Woods.
Spanning 88 hectares of ancient woodland, there’s a park and the ruined Lesnes Abbey here, which holds Grade II listed status.
It also holds nature reserve status and is a designated Site of Special Scientific Interest on account of the number of fossils that have been found here.
If sinking pints is more your bag, the Abbey Arms isn’t one to miss. With stunning green tiling on the outside, this local watering hole serves up a range of tipples and a banging roast dinner on a Sunday.
The locals are all about the area, too. Over on the r/HousingUK Reddit thread, @Next_Independence825 bought in Abbey Wood in 2021 and is ‘glad’ they did.
The cheapest London postcodes, according to SpareRoom
SE2 (Abbey Wood). Average monthly room rent Q4 2024: £760
E12 (Manor Park): £770
N9 (Lower Edmonton): £780
E6 (East Ham): £782
E18 (South Woodford): £786
E4 (Chingford): £806
SW13 (Barnes): £808
E7 (Forest Gate): £813
SE28 (Thamesmead): £816
E13 (Plaistow): £820.
‘The area has changed quite a bit since we bought, [and] the Elizabeth line has helped,’ they wrote.
‘The area is very green which I think is a massive bonus…is it perfect? No. Is it improving? I would say yes. We made a good decision.’
Another Redditor moved to the area from Peckham, and was similarly pulled by the appeal of the Elizabeth line, which they noted ‘makes it feel more like living in Zone 2 or 3 for access to central London.’
‘Bostall Woods and Plumstead Common area great. It’s a bit of an adjustment not having all the lovely coffee shops etc (yet) but it allows us to stay living in London, with a garden, and still access all the best bits of the city when we want to.’
Travel links in Abbey Wood
Since the Elizabeth Line opened in 2022, connections in Abbey Wood have grown, offering trains to Paddington roughly every seven minutes.
Before, there were no direct links to the Docklands or the very heart of the West End, but now, Canary Wharf is a mere 11 minutes away, while Tottenham Court Road can be reached in 23 minutes and Heathrow in one hour.
Southeastern services also run to London Bridge, Charing Cross, Blackfriars and Cannon Street in 33-43 minutes. Who needs to live in Zone 1, anyway?
The UK’s cheapest towns and cities to rent, according to SpareRoom
Bootle, Merseyside (£447)
Barnsley, South Yorkshire (£465)
Bradford, West Yorkshire (£473)
Middlesbrough, North Yorkshire (£473)
Huddersfield, West Yorkshire (£474)
Burnley, Lancashire (£480)
Rotherham, South Yorkshire (£483)
Stockton-on-Tees, County Durham (£484)
Grimsby, Lincolnshire (£486)
Hull, East Yorkshire (£488).