The latest research by international rental marketplace Spotahome has found that London’s tenants can reduce their rental outgoings by as much as -28% simply by crossing the Thames.
Spotahome analysed the current cost of renting in the London boroughs that straddle the banks of the Thames. The data shows that on average, the cost of renting in a borough on the southern bank of the river comes in at £1,547. This is -21% cheaper than the average rental cost of £1,951 across the boroughs that line the northern bank of the Thames.
Spotahome then looked at 15 locations where traversing the Thames from one side to the other takes minutes on foot thanks to a footbridge crossing, with the added bonus of reducing your rent in the process.
With an average rent of £2,898 in Covent Gardens WC2 postcode, tenants can reduce their rental outgoings by -28% a month simply by crossing Waterloo Bridge. So renting just a 10-minute walk away could literally save tenants up to £800 a month!
Opting for Waterloo’s SE1 postcode not only reduces their monthly rental costs to £2,100 per month but they remain within a short walk to the bright lights of Covent Garden and the Strand.
Moving north to south from Pimlico to Vauxhall can also save you a notable -27% a month in rent. While moving from Westminster to Lambeth (-20%) or from Chelsea to Battersea (-18%) also results in a considerable saving.
But fear not. If you want to stay north of the river there are a number of locations that come in cheaper.
To the far west, moving north across the Thames from Richmond to Twickenham will result in a -14% rent reduction. To the far east, a move from Dartford to Purfleet will also save -12% per month.
More centrally, crossing the river from Barnes to Hammersmith will reduce your monthly rent by -9% a month. While a move from Mortlake to Chiswick will also see your rental outgoings drop by -7% by moving from south to north of the Thames.
UK and Ireland Country Manager of Spotahome, Nadia Butt, commented:
“London is home to the highest rents in the UK and as a result, it can be a struggle to find that perfect balance between location and rental affordability.
However, by simply opting for a short walk across the Thames you could save hundreds each month in rent without compromising completely on your location.
What better way for cash-strapped renters to save money, keep more active and continue enjoying life /by the river.”