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The £500 a room shared London flat is now extinct, claims agency

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.”

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