Bexley: Borough named as one of the cheapest areas in London to live

Bexley has been named as one of the most inexpensive places in London to rent a property.

Findings published by the new Move With Us Rental Index revealed that Kensington and Chelsea is the most expensive borough to rent at £5,438 per calendar month, while Bexley is the cheapest at £1,027.

The price gap represents an increase of £218 when compared to this time last year, when the gap between the boroughs was £4,193.

But Bexley is not only the cheapest borough in London to live - it is also one of the greenest. Recently it was reported that Bexley Council has kickstarted a new initiative designed to get residents to be more sustainable by increasing the number of items it will allow them to recycle.

Local authorities in the borough also recently urged residents who are having trouble paying their rent to seek advice from Shelter.

The announcement coincides with the data published by Move With Us which reported that the rental price gap is growing in the capital, with a £4,411 difference in asking rents across the city.

Commenting on the findings, Robin King, director of Move With Us, said: "Rents across London have always differed greatly but the gap in the current market is extremely wide. Anyone looking to rent in the capital should do their homework as rents can significantly vary from borough to borough.

"A tenant's best option is to look for a borough with reasonable rental prices that are rising slowly, such as Kingston upon Thames and Lewisham, and that are also on a commuter route that suits their individual needs."

In Greater London, the average asking rent rose by 4.34 per cent or £86.27 over the last year and 2.98 per cent or £59.24 over the last quarter, to reach its current figure of £1,988.

The borough with the most stable asking prices is Kingston upon Thames, which currently stands at £1,668. This represents a change of just 0.11 per cent or £1.85 in a year-on-year comparison.

In Lewisham, asking rents have hardly changed at all over the last quarter, and moved by just 0.08 per cent or £1.08.

Published 9th January, 2014

© 2014 Estates IT Limited