WALTHAM Forest is the best value place for commuters to rent in London, a report has claimed.

Property website spareroom.co.uk said the borough had, on average, a good combination of comparatively lower rent prices and shorter commuting times compared to other places in the capital.

It said Walthamstow was the best as the average rent is £481 per month, compared to the £533 for many other areas in Zone 3 on the Tube network.

Combined with typical monthly travelcard costs of £131, the report estimates the average cost of both renting and commuting in Walthamstow is £612 per month.

With a commuting time of 22 minutes to Oxford Circus on the Victoria Line, the company said the E17 postcode was "a perfect location for commuters" who work in central London.

Second in the rankings was Leyton, which the report said had average rents of £507, with Leytonstone coming in third place for prices of around £511 per month.

However northern areas of the borough, including Chingford and Highams Park, did not make the top rankings.

Matt Hutchinson, Spareroom.co.uk director, said: "East London has often been considered inferior to other parts of London, which has been reflected in the low rents. But with its proximity to the City and Canary Wharf, that view has slowly changed in recent years.

"Now thanks to the regeneration programme taking place at Stratford City, east London could be about to see a massive surge in interest."

He added: “When we polled users [of the website] recently, almost three quarters said that cheaper rent was more important than a short commute.

"However, our research shows that if you do your homework it is possible to find areas where you can have both."

Neil Ewen, manager of Central Estate Agents in Hoe Street, Walthamstow, said there had been a boom in both renting and buying in the area in the last year.

He said: "What we're seeing is rents are going up in places like Hackney and Islington, and people are realising they can come here where it's better value, a short commute and a nice area.

"We only rent to professionals and we can literally pick and choose, there's so many people who want to live here.

"As a result prices are going up in Walthamstow, but they're still comparatively lower than other areas.

"The regeneration around Walthamstow Central is drawing people here as well."

He added: "We're the largest agent for selling in the area and it's a similar situation in that market too. If you're around Walthamstow Village or the Coppermill area it's just ridiculous at the moment.

"We had an open day on a house last weekend and 16 people came through the door and we had two offers straight away."

The report was compiled using data from Transport for London (TfL) and the website's directory of property listings.

Are you a commuter who rents in Waltham Forest? What do you think? Contact reporter Daniel Binns on 0779 547 6625 or via email at dbinns@london.newsquest.co.uk

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