9:58 AM, 14th April 2023, About 8 months ago
For the first time ever there’s not a single London postcode with an average monthly room for rent at less than £700, new data reveals.
The findings by flatshare site SpareRoom reveal that average monthly room rents in the capital have now soared to £952, up 20% year-on-year.
There are now more than 30 postcode areas where the average rent is £1,000 or more, and Chelsea rooms have passed the £1,500 mark for the first time.
Every single London postcode saw rents increase, with the biggest jumps in SE2 (Abbey Wood) up 33%, SW8 (South Lambeth) and W7 (Hanwell), both up by 32%.
Matt Hutchinson, a director at SpareRoom said: “Although demand for rooms has fallen since the record highs at the end of 2022, it’s still above pre-pandemic levels.
“Combined with higher interest rates and an increased cost of living, that’s continuing to push rents up. There’s now not a single London postcode with an average monthly rent under £700.”
He added: “Demand is likely to fall a little over the course of the year, but unless something is done to stop the continuing decline in rental supply, things aren’t likely to improve much for renters.
“Government has to do much, much more to help, or the housing crisis will become a housing disaster.”
Across the UK, the average price of renting a room rose by 15% in the first quarter of 2023, compared to Q1 2022. The North East and the North West saw the biggest rent increases after London, both up 16% when comparing the first quarter in 2023 with the same period last year.
The cheapest places to rent in the UK are all in the North. The average monthly rent in Burnley, for example, is £431 , followed by Bradford at £439 per month.
The most expensive places to rent include Southall (£810 per month), Barnet (£809 per month) and Twickenham (£801).