SpareRoom Rental Index
Room rents exceed record highs across the UK
Rents across the UK rose by 12% year on year when compared to Q4 of 2022, with the average monthly room rent hitting £739 another new record.
The average rent in both London and the UK as a whole remains at an all time high.
UK rents still rising
The largest regional increases were seen in Northern Ireland (up 16%), followed by the West Midlands (up 13%), Scotland (up 12%), followed by the South East and North West (both up 11%).
Region | Average monthly room rent Q4 2023 | Average monthly room rent Q4 2022 | Annual change Q4 2023 vs Q4 2022 |
East Anglia | £651 | £599 | 9% |
East Midlands | £562 | £512 | 10% |
North East | £533 | £494 | 8% |
North West | £581 | £522 | 11% |
Northern Ireland | £558 | £483 | 16% |
Scotland | £682 | £606 | 12% |
South East | £732 | £657 | 11% |
South West | £649 | £593 | 9% |
Wales | £574 | £530 | 8% |
West Midlands | £559 | £495 | 13% |
Yorkshire and Humberside | £555 | £507 | 9% |
London | £1,014 | £934 | 9% |
UK | £739 | £658 | 12% |
UK (excl London) | £647 | £582 | 11% |
London rents exceed £1000
Average London rents exceeded £1000 (on a quarterly basis) for the very first time in Q4 2023. The biggest rises were seen in the North (up 12%), followed by East, South East and North West regions, all up 9% YOY.
London regions | Average monthly room rent Q4 2023 | Average monthly room rent Q4 2022 | Annual change Q4 2023 vs Q4 2022 |
E | £987 | £903 | 9% |
EC | £1,274 | £1,194 | 7% |
N | £980 | £877 | 12% |
NW | £1,023 | £942 | 9% |
SE | £958 | £882 | 9% |
SW | £1,052 | £978 | 8% |
W | £1,076 | £1,019 | 6% |
WC | £1,351 | £1,253 | 8% |
London | £1,014 | £934 | 9% |
UK | £739 | £658 | 12% |
UK (excl London) | £647 | £582 | 11% |
London rents continue to rise
Nearly every London postcode saw an increase in room rents in Q4 2023, with SE21 (Dulwich) seeing the biggest increase of 39%, followed by N9 (Lower Edmonton) up 25%, and E12 (Manor Park) up 23%.
However, for the first time since Q1 2022 we have seen more than one postcode decrease in rent (it's been over a year since any postcodes in London saw a decrease). The biggest drop was seen in SW13 (Barnes) and E18 (South Woodford) - both down 6% YOY.
The cheapest London postcodes are:
London postcodes | Average monthly room rent Q4 2023 |
SE23 (Forest Hill) | £760 |
E18 (South Woodford) | £762 |
N18 (Upper Edmonton) | £781 |
E4 (Chingford) | £796 |
N21 (Winchmore Hill) | £803 |
SE25 (Norwood) | £803 |
SE28 (Thamesmead) | £805 |
SE2 (Abbey Wood) | £806 |
E6 (East Ham) | £810 |
N22 (Wood Green) | £815 |
UKs most expensive towns and cities
Rents have increased YOY in all except one (Sunderland) of the UKs 50 largest towns and cities, with Birmingham (up 21%), Belfast (up 18%) and Warrington (up 17%) seeing the biggest hikes. The cities/towns outside of London with the highest average monthly room rents are Twickenham (£938), Kingston upon Thames (£915), and Barnet (£839) - all of which are London suburbs.
These are the most expensive places to rent in the UK, outside London:
Town/City | Average monthly room rent Q4 2023 |
Twickenham | £938 |
Kingston upon Thames | £915 |
Barnet | £839 |
Harrow | £835 |
Reigate | £824 |
Edinburgh | £814 |
Southall | £806 |
Croydon | £805 |
Epsom | £803 |
Ilford | £802 |
UKs cheapest towns and cities
The cheapest areas to rent outside of the capital in Q4 2023 were Bootle (£435), Huddersfield (£448) and Barnsley (£457).
These are the cheapest towns and cities to rent in the UK:
Town/City | Average monthly room rent Q4 2023 |
Bootle | £435 |
Huddersfield | £448 |
Barnsley | £457 |
Burnley | £457 |
Blackburn | £463 |
Middlesbrough | £465 |
Grimsby | £474 |
Darlington | £475 |
Kidderminster | £478 |
South Shields | £480 |
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Methodology
SpareRooms Quarterly Rental Index compares data from Q4 2023 with Q4 2022, based on 200,000+ UK room ads (inclusive of bills). Sample size is the combined total across both periods.
Towns/cities/postcodes with a sample size of under 25 have been excluded from this report. London data covers E, EC, N, NW, SE, SW, W & WC postcodes.
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Every quarter we analyse 100s of 1,000s of room rents for the SpareRoom rental index. Giving you average rents and rent increases and declines across London and the UK: