Living by London's top parks: renters can drastically reduce costs by moving across Richmond, Greenwich and Hyde Parks

With a degree of lockdown and social distancing set to feature in our lives for some time to come, outside space is the new big draw for London renters.

A private garden is first choice but for permissible socialising, serious exercise and upping your step count, you can’t beat a nice park.

Homes close to the capital’s best parks command a premium, with the average monthly rent near the most popular standing at £2,050 per month — 20 per cent higher than the average rent city-wide.

Kensington Gardens is the most expensive park to rent close to – you’ll pay 64 per cent above the London average — followed by Green Park at 61 per cent above and then St James’s Park, on 56 per cent.

Cheapest is Crystal Palace Park, with nearby homes renting for 26 per cent below the London average, then Bushy Park, 15 per cent cheaper, and Alexandra Park on 14 per cent.

However, new research reveals that merely moving from one side of a London park to the other can knock hundreds of pounds per month off the rent.

The study from rental website Spotahome identified the postcodes bordering the city’s top green spaces where Londoners can find the biggest rent discounts just by moving from a more expensive area adjoining the same park.

Richmond Park: Kingston KT2

The biggest difference can be found on either side of Richmond Park in south-west London, the largest of the eight Royal Parks at 2,500 acres, with deer herds and golf courses among its attractions.

Renters who skip the TW10 postcode (average rent £2,314 per month) covering pretty Petersham and Ham in favour of the Kingston postcode KT2, both equally near the deer, can knock £743 — or 47 per cent — off their monthly rent on average.

“Kingston offers really good value for money,” says Victoria Beckett, of the local Hamptons International branch. “There are fantastic schools and some really nice roads near the park, in particular Liverpool Road, Crescent Road and King’s Road where you’ll find four-bedroom period family homes within walking distance of several schools.

“It’s a really obvious place for families in areas like Clapham and Battersea wanting more space and a garden, so we get quite a lot of people renting while they get to know the area and try before they buy.”

But unlike in more central London areas, Beckett says buyers shouldn’t expect significant post-Covid rent reductions in Kingston, as the branch has more prospective tenants than properties coming in as a result of pent-up lockdown demand. Despite this, she says that for runners, cyclists and pet owners looking for proximity to Richmond Park, Kingston is still the best-value option.

Greenwich Park: Lewisham SE13

On the other side of south London is historic Greenwich Park, with its famous Observatory and other beautifully preserved 17th-century buildings, as well as some spectacular London skyline views.

It’s also the green space with the second-highest rent savings for postcode swappers. Move from Greenwich town, SE10 (average rent £1,737) to Lewisham in SE13 (£1,313), and you could save yourself £424 per month, or 32 per cent.

While historically this would have been seen as quite a significant downgrade, today there’s much less postcode snobbery thanks to big investment in Lewisham town centre in the past decade, says Shelley Matczak, lettings director at KFH Blackheath.

“We definitely say it’s the affordable side of Greenwich Park,” she says. “It’s also not a million miles from the river but you don’t pay those prime river prices.

"It’s in Zone 2, one stop from London Bridge and there’s the DLR taking you direct to Canary Wharf, so commuters love it.

"You definitely see the influence of the professionals moving in on the area — the market has people selling produce from farms in Kent nowadays and there are a lot more shops, restaurants and gyms than there used to be.”

Hyde Park/Kensington Park: Bayswater W2

The cheapest postcode bordering two of London’s poshest parks, that have some of the city’s most expensive neighbourhoods on their other fringes, Bayswater is often overlooked yet extremely central.

“You get quite a lot for your money compared to neighbouring Marylebone, Notting Hill and, across the park, South Kensington,” says Tom Whitehouse at Marsh & Parsons. “It’s the poor relation, if you like.”

The average rent in W2 is £2,320 per month, compared to £3,032 in Kensington in W8 and £2,974 in South Kensington SW7.

The area is even better value for money in the wake of coronavirus lockdown, says Whitehouse. Rents are down about six per cent, although some tenants have negotiated deals that are better still.

“Although it’s a prime address, it’s still in its growth years, with development happening on the old Whiteleys site,” adds Whitehouse.

“It’s on the Central line, it’s right by both the parks, there’s Connaught Village and you can easily walk or cycle to Mayfair and the West End. You can get the benefits of living in Marylebone but paying significantly less.”