Hopping the Thames can save London tenants hundreds in rent each month

July 6, 2020

The latest research by international rental marketplace Spotahome has found that London’s tenants can reduce their rental outgoings by as much as -28% simply by crossing the Thames.

Spotahome analysed the current cost of renting in the London boroughs that straddle the banks of the Thames. The data shows that on average, the cost of renting in a borough on the southern bank of the river comes in at £1,547. This is -21% cheaper than the average rental cost of £1,951 across the boroughs that line the northern bank of the Thames.

Spotahome then looked at 15 locations where traversing the Thames from one side to the other takes minutes on foot thanks to a footbridge crossing, with the added bonus of reducing your rent in the process.

With an average rent of £2,898 in Covent Gardens WC2 postcode, tenants can reduce their rental outgoings by -28% a month simply by crossing Waterloo Bridge. So renting just a 10-minute walk away could literally save tenants up to £800 a month!

Opting for Waterloo’s SE1 postcode not only reduces their monthly rental costs to £2,100 per month but they remain within a short walk to the bright lights of Covent Garden and the Strand

Moving north to south from Pimlico to Vauxhall can also save you a notable -27% a month in rent. While moving from Westminster to Lambeth (-20%) or from Chelsea to Battersea (-18%) also results in a considerable saving.

But fear not. If you want to stay north of the river there are a number of locations that come in cheaper.

To the far west, moving north across the Thames from Richmond to Twickenham will result in a -14% rent reduction. To the far east, a move from Dartford to Purfleet will also save -12% per month.

More centrally, crossing the river from Barnes to Hammersmith will reduce your monthly rent by -9% a month. While a move from Mortlake to Chiswick will also see your rental outgoings drop by -7% by moving from south to north of the Thames.

North
South
Move for Rental Saving
Percentage Saving
Location
Postcode District
Average Rent (PM)
Location
Postcode District
Average Rent (PM)
Covent Garden
WC2
£2,898
Waterloo
SE1
£2,100
North to South
-28%
Pimlico
SW1
£2,632
Vauxhall
SE11
£1,933
North to South
-27%
Westminster
SW1
£2,632
Lambeth
SE1
£2,100
North to South
-20%
Chelsea
SW3
£2,780
Battersea
SW11
£2,271
North to South
-18%
Twickenham
TW1
£1,549
Richmond
TW9
£1,796
South to North
-14%
Fulham
SW6
£2,184
Wandsworth
SW18
£1,884
North to South
-14%
Purfleet
RM19
£941
Dartford
DA1
£1,075
South to North
-12%
North Woolwich
E16
£1,563
Woolwich
SE18
£1,413
North to South
-10%
Wapping
E1
£1,860
Bermondsey
SE16
£1,686
North to South
-9%
Hammersmith
W6
£2,144
Barnes
SW13
£2,365
South to North
-9%
Isle of Dogs
E14
£1,721
Deptford
SE8
£1,590
North to South
-8%
Chiswick
W4
£1,851
Mortlake
SW14
£2,001
South to North
-7%
Limehouse
E14
£1,721
Rotherhithe
SE16
£1,686
North to South
-2%
Blackfriars
EC4
£2,092
Newington
SE1
£2,100
South to North
-0.4%
Canary Wharf/Poplar
E14
£1,721
Greenwich
SE10
£1,722
South to North
-0.1%
North Average
£2,019
South Average
£1,848
North to South
-8%

 

Average rental statistics sourced from PropertyData.

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