Latest figures from London lettings agency Portico suggest a slight fall in rents but the firm is now claiming that it is impossible to find a shared flat costing £500 a month per tenant.
The agency says Bexley holds the title of the cheapest borough in London to rent in, with the July average rental price for a two bedroom property standing at £1,108 per month, or £554 per bedroom. The average one bed flat in the borough is £847.32.
Another outer London borough, Havering, comes close with the average two bedroom flat costing £1,156 pcm.
The most affordable inner London borough is Lewisham, costing £1,430 pcm.
On the other end of the scale, in Kensington and Chelsea, the July average rental price is £3,989 for a two bedroom property, or £1,994.50 per bedroom.
Across all of London, the average rent for a two bedroom property is now £1,756.
The agency analyses two bedroom properties to let as it regards them as “a major indicator of London rental market health.”