Lower Quartile Rents For London Hit A Grand A Month

Rachel Holdsworth
By Rachel Holdsworth Last edited 115 months ago

Last Updated 16 December 2014

Lower Quartile Rents For London Hit A Grand A Month

One day, all this could be yours. For nearly £10k a month. Photo by Stephanie Sadler from the Londonist Flickr pool

Well, that's depressing: lower quartile rents for all properties across London has hit £1,000 a month, according to figures from the Valuation Office Agency (VOA). As of the end of September, median rent across London was £1,300 a month, and mean (what we'd normally think of as 'average') rent was £1,530.

Let's break that down a bit. If you're looking for a two bedroom flat, the cost of renting in inner London is an average (we're going to use the mean when we say 'average') £1,793 a month, and £1,236 a month in outer London. Lower quartile rents in inner London are an average of £1,350 and £1,000 in outer London. The most expensive place to rent is, unsurprisingly, Kensington and Chelsea, which'll set you back an average of £2,879 a month. If you want a bargain — and we're aware that the word 'bargain' is relative when it comes to London — then you should head to Barking and Dagenham, where average rents are £873 a month.

If you're looking for somewhere smaller, the average studio flat in inner London costs £1,019 in inner London — yep, that's over a grand a month for what will likely be little more than a damp cupboard with a plug-in double hob — and £740 a month in outer London. You may be able to get a studio for £608 a month in Havering, but the VOA only counted 15 of them during the year 1 October 2013-30 September 2014. You can still get one bedroom flats for less than a grand a month in Lewisham and Newham but the careful-of-pocket might do better to head to Bexley, where the average rent is £699 a month.

For larger properties, the average for a three bed in inner London is £2,454 a month; outer London averages £1,565 a month. And the most expensive homes anywhere in London are to be found, once again, in Kensington and Chelsea, where four+ bedroom properties are commanding an average rent of £9,696 a month. A month. Jesus.