SpareRoom’s Q3 2019 Rental Index - based on nearly 300,000 room listings - reveals the cost of renting a room in the UK remains steady, up just 1% on last year to an average monthly rent of £600.
The fact that rents remain largely unchanged indicates that the recently introduced tenancy fees ban, which means landlords and agents can no longer charge fees to tenants, hasn’t resulted in rental increases.
A closer look at the UK’s towns and cities reveals Northern Ireland is the cheapest region to rent in the UK, with average rents of £352. However, when it comes to the UK’s cheapest town it’s Galashiels in Scotland with rents at £303, followed by Northern Ireland’s Bangor (£318) and Craigavon (£320). At the other end of the scale, Guernsey continues to outrank London as the most expensive place to live in the UK with room rents of £796, compared to London’s average of £782.
Looking at London specifically, rents are up 4%, which matches the previous quarter. The highest rental increases are in West Central London, up 5%, closely followed by East Central, North West, South West and West, which have all increased by 4%. North Finchley (10%), Camberwell (7%) and Lee (7%) are in the top 10 postcode districts where rents have risen the most over the last year.