Affordability is a major issue in the UK at the moment. With high house prices, the rising cost of living, and increasing interest rates, a lot of people are in a tough spot. Luckily there are still locations where renting and buying homes is affordable. As the top provider of guaranteed rent Bexley has, we want to look at one of these spots and why it is a great option.
Abbey Wood
New data takes a look at the average cost of renting a room in neighbourhoods across London. In the last year prices have risen by 15%, passing the £800 mark for the first time. However, there are still some locations well below this value and far behind the most expensive areas.
Abbey Wood is the cheapest area according to the figures, with an average of £616 per month. It is a really interesting spot, on the border of the boroughs of Bexley and Greenwich.
There are a number of other areas in a similar price range. This includes Manor Park and East Ham in Newham (£620 and £621 respectively), Upper Edmonton in Enfield (£632), and Lee in Lewisham (£654).
To put into perspective how affordable this is in comparison to the other end of the market, the average price to rent a room in the West End and Soho is £1,229 a month. Other areas like Belgravia, Pimlico, Earl’s Court, and Bloomsbury are all over the £1,000 mark.
What is there to love about Abbey Wood?
As a long standing provider of guaranteed rent Bexley landlords can trust, we know a great deal about different areas in the borough. Abbey Wood can tick all the right boxes for a number of people. Don’t let the affordability make you think it is a bad area.
One of the reasons the area is so affordable is it is only recently that it got much better transport connections. Previously the only way to get into Central London was to take a 40 minute train. The services weren’t the most frequent so it could be challenging for some commuters. That is much different now thanks to the Elizabeth Line. Now there are a dozen trains per hour and it takes around 30 minutes to get to the centre of the city. Further connections are easy from there.
Abbey Wood is quite an urban spot, but still has some impressive open spaces. Lesnes Abbey Wood is a special highlight. It has ancient woodland with protection as a Site of Special Scientific Interest and nature reserve. Bostall Heath and Woods is a wonderful spot too.
Families will appreciate living in this part of London because of the abundance of schools. There are also plenty of amenities and the area has a reputation for being safe and quiet.
If that wasn’t enough, this is also one of the most affordable parts of London for buying too. The average is just over £370,000.
Talk to us about guaranteed rent in Bexley
If you are thinking of investing, we would definitely suggest looking at this part of London. We would be happy to help you with any aspect of investment, including deciding on assets and arranging solutions for managing them. We can also give you the incredible option to choose a simple scheme with the local council that can give you guarantees on your rent income.
So, speak to us today to learn more. We offer guaranteed rent Bexley landlords rate highly. The schemes benefit you as well as the local council and tenants in the area.
