"Londoners are now paying so much to landlords that they could be better off commuting from Madrid than staying in London," Tessa Jowell, the mayoral hopeful for the Labour party said to illustrate the extent of London's housing crisis.
For those seriously considering it, here's what you can get for the same price as a one-bedroom flat in Camden Town.
An Andalusian-style patio
Log fire and a modernist touch
This chic one bedroom flat in the north-east of Madrid has one bedroom and is €750 (£530 pounds). It is fully furnished and central heating and water costs come included in the rent. Oh...and we forgot to mention it also has a swimming pool to help you de-stress after your long commute from London.
Funky kitchen in Madrid's hippest area
This cute little apartment in Madrid's hippest neighbourhood, Malasaña, comes fully furnished and has hundreds of the cities coolest bars and restaurants right on its doorstep. All for a mere €700 (£490).
Garage, gym and pool included
For those who like a lie in before their commuter flight to London, this one bedroom flat is a mere 10 minutes from Madrid's Barajas airport. For €720 (£500) a month, you also get use of the buildings garage, gym and swimming pool.
An artistic pad
Just a stone's throw from Madrid's beautiful Retiro park and the world famous Prado museum, this one bedroom flat can be rented for €700 (£490) a month. Complete with beautifully finished wooden floors, if you're an art-freak why not swap The Tate Modern for Madrid's world famous art galleries?
A cute bolthole in Madrid's most eclectic neighbourhood
This one bedroom flat in Lavapiés, one of the coolest up-and-coming areas of Madrid and home to an international mixture of residents, is a snip at a mere €650 (£460) a month.
Flat with terrace
If you're willing to move slightly further out of the city centre - this flat is in the south of Madrid - you can get two bedrooms and your very own terrace for an amazing €650 (£460) a month.
And last but not least...
If you're prepared to venture out of Madrid's city limits, this two bedroom house, complete with its very own private pool and terrace could be yours for an unbelievable €625 (£440) a month. It is north of Madrid, just outside the city of Guadalajara - but at only 30 minutes from Madrid airport - it is still a convenient for your London commute.