New data by flatsharing site SpareRoom has revealed that all UK regions experienced year-on-year (YOY) room rent increases in February 2022, with London seeing the biggest increases since before the pandemic began.
London average room rents now stand at £796/month, having reached lows of £703 (March 2021) during the pandemic. All London regions have experienced annual room rent increases, with the most central areas seeing the biggest change - West Central and East Central London were both up a huge 26% comparing February 2022 with February 2021.
SpareRoom stated: ‘When we look at postcode level, W1 (West End/Soho) is up 33%, followed by NW8 (St John's Wood) and SW1 (Westminster/Belgravia/Pimlico) both up 31%. Across the UK as a whole, room rents were up 4% YOY with none of the UK’s 50 largest towns/cities experiencing a rent drop. Sunderland saw the biggest increases (up 23%), followed by Belfast and Glasgow (both up 17%).’
Matt Hutchinson, SpareRoom director, commented: “London saw rents drop by unprecedented amounts over the course of the pandemic. However, with demand increasing at the end of 2021, and continuing to grow at the start of 2022, we’re seeing those rents rise again, in some cases by significant amounts.”