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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%).

RegionAverage monthly room rent Q4 2023Average monthly room rent Q4 2022Annual change Q4 2023 vs Q4 2022
East Anglia£651£5999%
East Midlands£562£51210%
North East£533£4948%
North West£581£52211%
Northern Ireland£558£48316%
Scotland£682£60612%
South East£732£65711%
South West£649£5939%
Wales£574£5308%
West Midlands£559£49513%
Yorkshire and Humberside£555£5079%
London£1,014£9349%
UK£739£65812%
UK (excl London)£647£58211%

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 regionsAverage monthly room rent Q4 2023Average monthly room rent Q4 2022Annual change Q4 2023 vs Q4 2022
E£987£9039%
EC£1,274£1,1947%
N£980£87712%
NW£1,023£9429%
SE£958£8829%
SW£1,052£9788%
W£1,076£1,0196%
WC£1,351£1,2538%
London£1,014£9349%
UK£739£65812%
UK (excl London)£647£58211%

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 postcodesAverage 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

UK’s most expensive towns and cities

Rents have increased YOY in all except one (Sunderland) of the UK’s 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/CityAverage 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

UK’s 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/CityAverage 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

SpareRoom’s 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: