This London area is the most up-and-coming location for a flatshare
It’s definitely not cheap to rent in Central London, with the average rent coming to a whopping £2,121 a month according to Zoopla.
Meanwhile, the cost of a first home in London averages at around £587,700 – and Halifax research shows deposits can total £188,700.
The bank also says private renters – 2.7 million of whom live in the capital –spend on average £3,000 more a year on housing than homeowners.
And since many are struggling to survive with rising bills, one South East suburb has become a hot spot for houseshares.
Data from SpareRoom shows that tenants are increasingly seeking flatshares outside of central London.
While places like Clapham and Hackney are still the most popular, areas in South and East London have seen surges in popularity recently.
Comparing the top most-searched-for London rental locations in 2023 vs 2022, the biggest climbers within the rankings were Abbey Wood (up 41 places from 99 to 58), Forest Gate (up 24 places from 86 to 62) and Crystal Palace (up 23 places from 90 to 67).
All of the top 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%), highlighting how many are having to move away from Zone 1 to find affordable housing.
These locations are not only some of the cheapest, but thanks to the Elizabeth Line are becoming increasingly well connected – which makes them super appealing.
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.’
Not only is it well connected, with trains to Victoria, London Bridge or Whitechapel taking around 20 minutes, it’s an area jam-packed full of character.
If you love shopping, you’ll be well at home among all the vintage shops and markets and there’s also an eclectic foodie scene, with the Crystal Palace Triangle being home to some must-visit restaurants, bars and cafes.
And don’t forget the gorgeous view. Crystal Palace sits high above the city skyline, meaning you can admire everything about the beautiful capital from its numerous parks and hills.
The biggest draw to Crystal Palace, though, is the wealth of green spaces it offers, especially Crystal Palace Park. Once the site of the famous Crystal Palace, the park is a ginormous lush green which houses mazes, lakes, a concert space and even dinosaurs.
But one commenter thinks Crystal Palace should stay a best-kept secret, jokingly replying to Cece’s video with: ‘Don’t tell anyone, they’ll all come!’
You can save £200 a month by living in Crystal Palace compared to Clapham. While the average rent in the latter is £1,072, if you travel further out of London to Bromley, you’ll pay around £833 a month.
What’s not to love?
Top 10 up-and-coming London rental locations
The average monthly room rents (including bills) in the top ten up-and-coming London rental locations, according to Spareroom:
Abbey Wood (SE2) = £796
Forest Gate (E7) = £827
Crystal Palace (SE19) = £833
Plaistow (E13) = £839
Tottenham (N17) = £841
Woolwich (SE18) = £856
Colindale (NW9) = £895
Ealing Broadway (W5) = £956
Leytonstone (E11) = £826
Catford (SE6) = £843