Renting a room in London: the top 10 cheapest areas to house share

House share rents are now topping £1,000 a month in some parts of the capital, but there are still areas where rooms can be found for about £500 a month - you just have to know where to look...

The average cost of renting a room in London has reached £743 a month, according to an exclusive new report from SpareRoom.co.uk, while 10 per cent of the flat and house sharing website's listings are now priced above £1,000 a month.

But there are still parts of the capital where rooms can be found to rent at about £500 a month - if you know where to look. 

“The south-east is generally the cheapest area of London, but most renters outside the capital would still be shocked by the prices," says Spareroom director Matt Hutchinson. "Chasing cheaper rents in London normally requires a heavy dose of compromise.” 

A prime example is Abbey Wood, a Zone 4 district where room rents average £503 a month. The area is considered to have great potential for buyers, thanks to the impending arrival of Crossrail. Launching in 2018, London's high-speed east-west rail network is already triggering local regeneration.

However, today's renters in Abbey Wood have to make do with a high street awaiting some much-needed improvements and a train service that takes 30 minutes to get to London Bridge.

DISCOVER THE TOP 10 CHEAPEST PLACES TO RENT A ROOM IN LONDON, STARTING WITH TENTH POSITION:



Other budget-friendly areas of south-east London set to benefit from the Crossrail effect include Plumstead and Woolwich. The average monthly room rent of £533 reflects that these up-and-coming Zone 4 districts are still in the early stages of change, although existing transport links already connect to other parts of south-east London via mainline rail and river bus services.

Plaistow, in E13, is one of the most untouched markets in the capital. The downside to relatively low average rental costs of £550 a month is that the wave of regeneration engulfing east London has not yet reached this spot.

However, change is afoot in Forest Gate, an area offering similar monthly rental rates. This emerging east London hotspot, next to Stratford, will have its own Crossrail station, giving residents hope that the high street shopping scene will imminently improve - although that is the current compromise for not- too-shabby commuting options: trains to Liverpool Street take 13 minutes and the Overground stations connect with the District and Hammersmith & City Tube lines at Barking.

SpareRoom.co.uk

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