Croydon has been named as one of the least expensive London boroughs in which to rent a property, on average, according to figures released by tenant referencing company Homelet (Homelet Rental Index Jan.14 - Feb. 15). Croydon came second to Havering, which is the cheapest London borough. The neighbouring borough of Sutton was fourth cheapest, while Kensington & Chelsea unsurprisingly took the title of most expensive.
Croydon was also revealed to be the most populous borough - with 372,752 residents.
Commenting on the statistics Peter Brown, Director of Martin & Co Croydon, said â€œCroydon's popularity has previously been due to its combination of fantastic transport links into and out of London and its relative affordability, making it a cheaper place to rent or buy.
"Compared with other areas within a 15 -20 minute commute of Central London, Croydon remains great value. Landlords have also been able to receive returns of 6% plus, making it an excellent place to invest."
Things are changing, however, with a tremendous amount of investment - including a proposed new Westfield Shopping Centre . the town has been tipped as a property hot-spot. According to Zoopla, sales values rose by 13% last year. Whilst there are still cheaper properties, 1-bedroom flats in some of the newest development areas have been achieving rents of around £1200pcm. Return rates for investors remain high, and the chances of further capital growth for property owners will increase as the area continues its growth.