Are you considering renting a one-bedroom flat in London? If so, you may be wondering what the average cost of such a property is. According to HomeLet, the average rent for new leases in London is 1,832 pounds per month. This is significantly higher than the average rent across the United Kingdom, which is currently 26,316 pounds sterling per year. The most expensive areas to rent in London are Kensington and Chelsea, where the average cost of a one-bedroom flat is 3,300 pounds per month.
Westminster follows closely behind with an average rent of 2,950 pounds per month. Camden is slightly cheaper at 2,499 pounds per month. In East London, Hackney and Tower Hamlets have average rents of 2,119 and 2,069 pounds per month respectively. On the other hand, Bexley is the cheapest place to rent in London with an average cost of 1,326 pounds per month. Sutton follows closely behind at 1,366 pounds per month. When compared to other major cities in the United Kingdom, London's rental prices are significantly higher.
The most recent data from the ONS and the Property Registry show that the average price of a property across the United Kingdom is 211,230 pounds sterling. This means that the price difference between properties in London and the rest of the country is more than double. As a result of rising buying and renting costs in London, more and more people are moving out of the capital. Leafy cities and towns nearby are becoming increasingly popular with young people looking for homes that offer more space and better value for money than urban villas. However, if you still want to enjoy the hustle and bustle of a big city with convenient transport links and plenty of bars and restaurants nearby, there are still some great options available for those looking to buy or rent a one-bedroom flat in London. East London has an average fixed Rightmove price of 445,158 pounds sterling and an average Zoopla price of 442,710 pounds sterling.
West London has an average price of 861,463 pounds sterling per flat.