It can be challenging to find an inexpensive area in London to rent or buy a home. If you’re a homebuyer, renter or student, it could be easy to think that finding a place to live in London is impossible. But did you know that there are affordable areas to live around London Bridge? Areas near London Bridge like Southwark, Bermondsey, Canada Water and Rotherhithe have flats to rent between £250 and £400 per week.
Many homebuyers and renters choose to live near London Bridge because of its proximity to central London. In addition, the area to the east of London Bridge is in Zones 1 and 2. This makes it an ideal place to live if you commute to the City or Canary Wharf. Thanks to the area’s regeneration, a wide range of excellent properties to suit most budgets are available. There are also large open green spaces, restaurants, bars and plenty of local amenities.
Suppose you want to get on the property ladder, locate a cheap buy-to-rent property, or find a place to rent near London Bridge. In that case, this article is for you — it lists the four cheapest areas on the southern banks of the Thames to live in.
Southwark
Southwark is located near London Bridge and has a range of properties to buy and rent to suit all pockets. It is possible to find affordable housing in converted warehouses, flats with views over the Thames, and quiet residential streets. Southwark has excellent transport connections with three lines of the Underground network and several stations in the neighbourhood.
In the Southwark SE1 postcode area, it is possible to find flats to rent between £280 and £380 per week. From there, it’s a 12-minute commute to the City, Canary Wharf, or Piccadilly Circus.
Canada Water
Canada Water has undergone a tremendous revitalisation to turn this once dull industrial area into a popular residential area for young professionals and couples. Numerous developments have made available affordable housing to rent, buy, or for shared ownership. An advantage of living in Canada Water is its proximity to Canary Wharf, Shoreditch, and Central London. Additionally, there are plenty of open spaces in Canada Water to get away from busy city life.
If you want to rent a house in Canada Water, you can expect the average weekly rent to be around £320. Commuting to Canary Wharf take 10 minutes and 20 minutes to the City of London.
Rotherhithe
Rotherhithe is an affordable area near London Bridge to buy or rent a property. The cheapest properties in Rotherhithe are one and two-bedroom flats and houses. In addition, many period townhouses offer fantastic views over the river. Generally, the further from the Thames, the more inexpensive it is to rent or buy. The attraction of living in Rotherhithe is its excellent accessibility to business districts. There are also excellent schools in the neighbourhood that attract families.
Generally, the cheapest rent you can find in Rotherhithe is £270 per week, and the average is £460.
Bermondsey
Bermondsey is a relatively inexpensive residential neighbourhood not far from London Bridge. Affordable properties in Bermondsey consist of warehouse conversions, one and two-bedroom flats, and larger family homes. Many young professionals and families move to Bermondsey due to its proximity to excellent transport links and outstanding schools.
The cost of renting a flat in Bermondsey can be as low as £250 per week. However, the average rent for a one-bedroom flat is £350. Travel to Central London is between 15 and 20 minutes on the Tube.
Moving to London Bridge?
If you’re interested in moving to live near London Bridge, then contact Hastings International. We are local property experts and can advise you on the best locations to rent or buy.
Visit our London Bridge Estate Agent branch page for info.
