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

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)	Move for Rental Saving	Percentage Saving
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%