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Newham flatshares are among the cheapest in London, figures reveal

PUBLISHED: 17:07 30 July 2019 | UPDATED: 17:24 30 July 2019

While some areas are among the cheapest in London, flatshare prices vary across Newham. Picture: Google.

While some areas are among the cheapest in London, flatshare prices vary across Newham. Picture: Google.

Archant

Three of the 10 cheapest London postcodes for flatsharing are in Newham, new figures reveal.

Manor Park (E12) has the third-lowest average monthly room rent at £562 - equal with Eltham and only more expensive than Abbey Wood (£531) and Catford (£544) - according to SpareRoom's latest London Rental Index.

Forest Gate (E7) and Plaistow (E13) were the ninth and 10th cheapest areas, with average prices of £573 and £574 respectively.

While it seems there is no better borough to find a cheap room, flatshare rents are rising quickly in parts of Newham.

Rents rose nine per cent, from £864 to £942, in Olympic Park (E20) over the past 12 months - the seventh fastest increase.

Across London, rents increased four per cent year-on-year - equivalent to an extra £33 per month.

Spareroom director Matt Hutchinson said: "Although house prices are falling in London, rents seem to be recovering a little.

"We're not seeing anything like the growth we have in previous years, but there's definitely some upward movement.

"If it's down to stagnation in sales then it could well continue, but it's hard to call anything right now with so much uncertainty around Brexit still affecting the market.

"With the tenant fees ban taking effect in June, it'll be interesting to see whether that affects rents."

The most popular postcode for flatsharing in the borough was E15 (Stratford and West Ham), with 2,562 ad listings - ranked seventh across London.

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