New data from flatshare site SpareRoom reveals room rents in 41 out of the 50 largest towns and cities in the UK were at a record breaking high in Q1 2022. The cities included London, Manchester and Liverpool, with rents of £794, £531 and £415 respectively.
The red-hot rental market in the capital saw rents up across all London regions when comparing Q1 2022 with Q1 2021 - East Central (26%), West Central (22%) and West (15%) saw the biggest increases. The average monthly room rent in London was at £794 in Q1 2022, up 12% y-o-y and close to tipping over into the £800s.
The London postcodes that saw the biggest increases were W1 (West End/Soho) up 34%, SW3 (Chelsea) up 28% and SW7 (South Kensington/Knightsbridge) up 27%.
The most expensive place to rent a room in the capital in Q1 2022 was SW7 (South Kensington / Knightsbridge) with an average monthly rent of £1,384. This was followed by SW3 (Chelsea) at £1,278 and W1 (West End/Soho) at £1,213.
When considering the cheapest areas to rent in the UK, Darlington came in at £380, followed by Bootle (£383) and Bradford (£384).