The number of London districts where tenants can expect to pay under £700 per month has shrunk by more than 90 per cent in the past year alone.
Research by flatshare portal SpareRoom revealed there were just four postcodes left with typical rents below this threshold at the end of 2022 – down from 43 a year earlier.
So if you want to find a bargain, act quickly - and start by reading our guide to the last remaining districts offering rooms at under £700 per month.
South Norwood, SE25
The SE25 postcode has the cheapest average room rent in London at £680 per month in the fourth quarter of 2022, according to SpareRoom.
Maria Jukes, partner at Jukes Estate Agents, said she would be “happy to recommend South Norwood as a great place to live”.
With two rail stations and three tram stops, the area has great connections to central London and other areas south of the river, she pointed out.
Residents don’t need to leave SE25 to find great facilities though. South Norwood Lakes, Stanley Arts and even Selhurst Park – the home of Premier League football team Crystal Palace – are all in the area.
“There are so many good reasons to live in South Norwood,” said Jukes. “A lot of people try renting and then buy in the area as they realise it is a great place to live.”
Manor Park, E12
The E12 postcode came out as the second-most affordable in the SpareRoom research, with rent bill averaging £690 per month.
A spokesperson for the Manor Park E12 Facebook Group pointed out that the page had 4,400 members, highlighting the “great community” in the area.
“E12 is multicultural and never had any issues,” they added.
The MyManorPark website describes “acres of protected parkland, exceptional transport links, food from across the globe, historic tree-lined streets, London’s most eclectic mix of independent businesses and families and friends spanning generations”.
Crossrail’s opening has left residents of the district just a 16-minute journey from Liverpool Street on the Elizabeth Line.
East Ham, E6
Bordering E12 to the south, and running right up to the borders of London City Airport, the E6 postcode had average rents of just £697 per month at the end of last year, according to SpareRoom.
East Ham offers a great opportunity for Londoners to live in close proximity to central London or Canary Wharf without paying a premium, according to Marc von Grundherr, managing director of estate agents Benham and Reeves.
“There are an abundance of apartments and terraced houses ideal for those living independently, or with a partner, who are currently career-focused and would prefer convenience of location over property size,” he said.
“The postcode offers access to both the District and Hammersmith and City lines, as well as the DLR, so you’re pretty well set when it comes to traversing the capital.”
And with the airport on its doorstep, E6 is only a few hours from Barcelona or Berlin.
Up towards the M25 to the north of the capital, and including swathes of Epping Forest, the E4 postcode is a less urban alternative to find sub-£700 rent.
Coming in at an average £698 per month according to SpareRoom, the Chingford district is “a great spot for those with growing families” said Von Grundherr.
“When it comes to outdoor space in the capital, it doesn’t get much better,” he added.
“The postcode also offers a great deal of high quality schools as well as greater diversity when it comes to rental stock, with more semi-detached and detached homes available on the market.”
Although it’s further out than some of the other affordable districts, Chingford is only 18 minutes by Overground to Hackney Downs, and 27 minutes to Liverpool Street.