Renting in London is now so expensive it would be cheaper to commute every day from Madrid, it was claimed today.

It costs £5,000 more to live in a one-bedroom flat in Camden than to stay in central Madrid and fly to London four days a week.

Tessa Jowell, running to be Labour's mayoral candidate in the capital, said renters were 'paying the price' for the country's housing crisis.

It costs £5,000 more to live in a one-bedroom flat in Camden (right) than to stay in central Madrid (left) and fly to London four days a week

Soaring house prices mean millions of more people are forced to rent, while the dream of buying their own property disappears.

However, rents in London have soared by 12 per cent in the last year to £1,418 per month - compared to a national average of £867.

Analysis by Miss Jowell's campaign team shows how low rents and cheap flights mean it would be cheap for someone to live 800 miles away in Madrid.

It shows that a one-bedroom flat in Camden Town in north London will cost £1,893 per month, with council tax adding £111.40.

A zone 1-2 travel card to reach central London costs an extra £123.30 per month.

This takes the total living and travel costs to £2,128 per month, or £25,532 per year.

However, a one-bedroom flat in Madrid - described as being 'stylish, fully-furnished and air conditioned' - would cost €750 or £532 per month.

In Spain council tax is paid by the landlord, not the tenant, which means the rent would include these costs.

Tessa Jowell, running to be Labour's mayoral candidate in the capital, said renters were 'paying the price' for the country's housing crisis

The analysis includes the cost of trains to Madrid airport and using the London Underground to get into the city centre

MADRID Flat One bedroom flat right in the centre of Madrid Rent: £532 per month Commute Flight Madrid to Stansted: £914.30 per month. Return train ticket Madrid centre to airport: £52 per month. Stansted Express to Liverpool Street: £227.33 per month. TOTAL: £1,725 per month/£20,707 per year Advertisement

LONDON Flat One-bedroom flat in Camden Town Rent: £1,893 per month Council tax: £111.40 per month Commute A zone 1-2 travel card to use the Underground to reach central London costs £123.30 per month TOTAL: £2,128 per month/£25,532 per year Advertisement

By booking flights in advance, it is possible to get a return ticket from Madrid to London Stansted for £211 a week, flying four days a week Monday to Thursday, costing £914.30 per month.

The team included to £52 per month cost of a return train ticket from central Madrid to the airport, and the £227.33 bill for the Stansted Express train service into Liverpool Street station in central London.

It means the Madrid option costs a total of £1,725 per month, or £20,707.26 per year.

As a result, Miss Jowell's campaign claim living in Madrid and commuting to work in London would save £402 every month or £4,828 each year.

Miss Jowell said: 'The housing crisis is getting worse all the time – and renters are paying the price. Londoners are now paying so much to landlords that they could be better off commuting from Madrid than staying in London.

'We've talked about London's housing crisis for too long – now it's time to deliver the change that London needs.