New data from leading flat share site SpareRoom reveals that the current chaos in the rental market shows no sign of resolving itself, with UK rents in Q4 2022 reaching an all-time high, increasing by 13% year-on-year. As of December 2022, the average UK room rent was £731.
In Greater London, room rents exceeded £900 for the first time ever in September 2022, with average room rents since climbing to £949 as of December 2022.
And it isn’t just the capital feeling the pinch. Whilst London saw the biggest increase in Q4 2022 vs Q4 2021, all UK regions bar Scotland saw a rise in average room rents, and the fall in Scotland (-6%) can be put down to inflated rents in Q4 2021 in the Glasgow area due to the COP26 summit.
To help inform those considering their next move, SpareRoom has compiled a list of the most and least expensive places to rent in the capital and across the UK.
In London, the most affordable postcodes are mainly in the southeast and east regions. The cheapest areas to rent a room is Norwood (SE25) at £680, followed by Manor Park (E12) at £690 and East Ham (E6) at £697.
Outside of the capital, the most expensive places to rent in Q4 2022 were Kingston Upon Thames (£852), Twickenham (£824) and Southall (£805). Conversely, the cheapest areas to rent in the UK were Burnley at £421, Barnsley at £422 and Huddersfield at £428.
