0

The latest research by lettings management platform, Howsy, has revealed the cost of renting across the capital’s walk to work hotspots, as well as which offer the most affordable option for tenants looking to shun public transport when finally returning to work.

Howsy looked at the cost of renting across 20 areas of London that offer a stroll into the City of London taking an hour or less.

The research shows that across these 20 locations the average cost of renting is £2,001; 18% higher than the current London average.

LOFT – MPU

The least affordable walk to work rental hotspot is Mayfair, with an average rent of £2,786 per month making it 64% more than the London average.

Charing Cross (£2,710) also ranks high for rental costs coming in 60% above the London average, with Shoreditch (£2,683), Euston (£2,194), Vauxhall (£2,186), Clerkenwell (£2,139), Lambeth (£2,097) and Holborn (£2,066) all coming in above £2,000 per month.

If you’re looking for an affordable walk to work rental location, Mile End is home to an average rent of just £1,494; less than an hour’s walk to the City of London and -12% more affordable than the London average.

Camberwell (-2%), Bethnal Green (-1%), Cambridge Heath (-1%) and Hoxton (-1%) are also home to a marginally more affordable rental cost compared to the London average and all within an hour’s walk of the city.

Founder and CEO of Howsy, Calum Brannan, commented:

“Traditionally, London’s more affordable peripheral locations were in high demand amongst tenants looking to commute into the city centre, but with the ongoing threat of the Coronavirus, this could be about to change.

While many of us will continue to work from home, we could well see an increase in demand for rental properties within walking distance of the capital’s major work hubs, as Londoners look to avoid the confined spaces of public transport.

For landlords, this could well become the ‘new selling point’ when listing their home and could take over from the appeal of a nearby transport hub. Only time will tell how working habits will change due to the pandemic but for now, a walk to work rental certainly provides strong appeal for those looking to rent or invest in a buy-to-let in London.”

Walk to Work Rental Hotspots within an Hour of the City of London
Location Average Monthly Rent Difference to London Average
Mile End £1,494 -12%
Camberwell £1,667 -2%
Bethnal Green £1,679 -1%
Cambridge Heath £1,679 -1%
Hoxton £1,679 -1%
Rotherhithe £1,728 2%
Limehouse £1,739 2%
Whitechapel £1,861 10%
Wapping £1,861 10%
Bermondsey £1,913 13%
Kennington £1,926 13%
Walworth £1,928 14%
Holborn £2,066 22%
Lambeth £2,097 24%
Clerkenwell £2,139 26%
Vauxhall £2,186 29%
Euston £2,194 29%
Shoreditch £2,683 58%
Charing Cross £2,710 60%
Mayfair £2,786 64%
Walk to Work Average £2,001 18%
London Average £1,697 N/A
Source for rental data: PropertyData
SUBSCRIBE
Subscribe to our weekly newsletter
Stay informed with our leading property sector news, delivered free to your inbox. 
Subscribe
Your information will be used to subscribe you to our newsletter and send you relevant email communications. View our Privacy Policy
Property Notify
Property Notify is a leading property sector publisher reporting on breaking news and political changes affecting the UK property industry, in addition to finance, tax and investment coverage we provide a hub to explore, contribute, invest in and celebrate the property industry. - Read more.

    100% LTV Mortgages Are Back on the Menu – But Only for the Super Rich

    Previous article

    £100M Partnership to Deliver Affordable Homes Across Central & South West England

    Next article

    You may also like

    Comments

    Leave a reply

    Your email address will not be published. Required fields are marked *