Pockets of value: the best-value postcodes for renters within every London borough
London renters can find pockets of value in some of the capital’s most expensive boroughs to live in — if they pick the right neighbourhood.
Tenants could halve their rental costs each month by moving from an average priced location to the least expensive postcode in their borough, according to a report which reveals the capital's best-value postcodes by online estate agent Emoov.
The so-called ‘bargain’ postcodes are not cheap, but they do offer relative value for those who wish to stay in, or at least close to, their preferred neighbourhoods.
And many of the areas offer cheaper rental rates than the London average of £2,002 per month.
The research will be handy for renters saving to buy a home but reluctant to change their lifestyle too drastically to do so, because it pinpoints areas that may be better value than where they are currently living but not too far away.
“If you’re saving to get on the property ladder, living on a budget is the best way to ultimately be able to buy. Therefore, by adjusting your rental expectations slightly and compromising on a more affordable postcode in the same borough, you not only stay close to the area you like but also have a little extra to tuck away at the end of each month,” said Adam Male, director of lettings at Urban.co.uk.
TOP SPOT: MAIDA VALE
The city’s most famous homes, including Buckingham Palace, St James’s Palace and 10 Downing Street, are all in the borough of Westminster, as are some of its most sought after prime areas, such as Belgravia and Mayfair.
But renters can score significantly cheaper rent, without having to leave central London, if they move to the west London postcode of W9.
Located in travel Zone 2, the Maida Vale postcode is the best-value location compared to the wider City of Westminster, according to the report by Emoov, with an average monthly rent for the area of £3,303, a full 49 per cent lower than the borough average of £6,433.
“Maida Vale holds price really well,” says Karen Davies, associate director of Chestertons Maida Vale. “Mayfair, Soho, Covent Garden are all in Westminster, with Maida Vale more of a residential area, so this probably accounts for the lower figure here.”
She says that the streets around Shirland Avenue are the least expensive in the postcode, while prices in prime Maida Vale and Little Venice are comparable to neighbouring St John’s Wood.
The figures were calculated using rents averaged across all types and size of property, so in some instances it could be that certain prices reflect a higher proportion of flats or houses in an area.
BEST IN THE SOUTH-WEST
Renters in the south-west London village can go deer-spotting in Bushy Park or enjoy a stroll along the Thames. Trains to Waterloo take 45 minutes.
A KENSINGTON & CHELSEA GEM
Mostly found north of the Westway, the North Kensington postcode of W10 is home to the scruffier end of Notting Hill's Portobello Road market, as well as the Grade II-listed architectural landmark of Trellick Tower — and Kensington & Chelsea’s cheapest housing.
Average rents here were £2,723 a month, 40 per cent lower than in the rest of this sought-after central London borough. This makes the postcode the third best-value for London renters who are looking for the most affordable place to live in their current area.