Map reveals the most expensive UK postcodes for rental deposits

The nearly seven grand figure is the average for SW7 homes in Kensington and Chelsea, with other London boroughs not far behind.

Westminster’s W1 postcode is costing the average renter £6,659, which is about £5,000 more expensive than the North East.

The nearby SW1 (belonging to Westminster, Kensington and Chelsea) and W8 (Kensington and Chelsea) postcodes are home to an average rental deposit cost of £6,182 and £6,167 respectively, while tenants looking to rent in Camden’s NW8 postcode will also have to front over £6,000.

Zero Deposit analysed the current cost of renting across every postcode across England and Wales.

Most landlords ask tenants to provide five weeks of rent upfront before renting a home. Therefore to calculate the average deposit, the researchers worked out how much five weeks’ rent would be across the country. In areas where rent would cost more than £50,000 over 12 months, they calculated deposit at six weeks’ rent.

You probably guessed London would be taking the crown when it comes to deposits, especially since the average house price in Chelsea sits at £2.2million.

This paints a grim picture for the rental market, despite it being cheaper to rent rather than buy for the first time in 13 years.

Only two postcodes outside the London area made the top 10 most expensive rental deposits.

Placing eighth and first for non-London postcodes was Elmbridge in Surrey (KT11) where the average deposit will set you back £4,662.

Rounding out the top 10 was Runnymede, also in Surrey (GU25) with a deposit costing £4,463.

So, that’s London and the South East for you. But what about the rest of the UK?

The East of England was the third most expensive region with areas like Welwyn, Hatfield, East Hertfordshire and North Hertfordshire costing renters £3,433 for a deposit.

Next came the South West with the likes of the Cotswolds, Tewkesbury and Cheltenham setting renters back £2,416.

Birmingham with its B29 postcode in the West Midlands also proved pretty pricey with £2,222 for a deposit on average.

The most expensive postcode for renters in the North West was WA15, belonging to Trafford, Manchester and Altrincham — a deposit there will cost you £2,045.

Just below the £2,000 mark we have Swansea, Wales, with an average price of £1,862 for a deposit, beating out the East Midlands, Yorkshire and the North East.

The cheapest rental deposits can be found in Newcastle where the average is just £1,569, which is £5,000 cheaper than parts of London.

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