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SpareRoom Rental Index

 

UK rental market is starting to rebalance

UK rents as a whole were up 5% YOY in Q2, but have remained at the same level as Q1 2024. As supply has risen over the past couple of years and demand has fallen after the 2022 record peak, we’re starting to see the market slowly rebalance. The average monthly room rent in the UK remains at £740 for the second consecutive quarter this year.

London rents fell for consecutive quarters (Q1 and Q2 2024). Although rents are up year on year (by 1%), they’re now starting to decrease overall.

UK rental hikes are slowing

The largest regional YOY increases were seen in Scotland and North West (up 9%), followed by Northern Ireland (8%).

RegionAverage monthly room rent Q2 2024Average monthly room rent Q2 2023Annual change Q2 2024 vs Q2 2023
East Anglia£662£6236%
East Midlands£562£5424%
North East£544£5165%
North West£609£5599%
Northern Ireland£557£5188%
Scotland£696£6389%
South East£735£6926%
South West£655£6206%
Wales£578£5446%
West Midlands£562£5286%
Yorkshire and Humberside£560£5355%
London£983£9721%
UK£740£7035%
UK (excl London)£656£6147%

London rental increases fall for consecutive quarters

The UK saw rents increase by 5% YOY, meanwhile London rents were up 1%. West Central saw the biggest increase in rents YOY out of all the London regions (6%), followed by South East (3%) and then North (2%). East Central showed the only decrease (-1%) of all regions.

London regionsAverage monthly room rent Q2 2024Average monthly room rent Q2 2023Annual change Q2 2024 vs Q2 2023
E£955£9441%
EC£1,220£1,233-1%
N£949£9302%
NW£977£9760%
SE£948£9253%
SW£1,014£1,0081%
W£1,039£1,0271%
WC£1,319£1,2406%
London£983£9721%
UK£740£7035%
UK (excl London)£656£6147%

London sees postcodes continue to decrease

Rental prices in multiple London postcodes have continued to decrease since Q4 2023 (the first time since Q1 2022), through to Q2 2024. SW14 (Mortlake) saw the biggest drop (-9%), followed by W8 (Holland Park), and NW5 (Kentish Town), -7% respectively.

The cheapest London postcodes are:

London postcodesAverage monthly room rent Q2 2024
E4 (Chingford)£767
E7 (Forest Gate)£768
SE12 (Lee)£768
E12 (Manor Park)£772
E6 (East Ham)£775
SE25 (Norwood)£799
SE20 (Penge)£801
E10 (Leyton)£809
N18 (Upper Edmonton)£810
N14 (Southgate)£813

UK’s most expensive towns and cities

Warrington and Bolton saw the biggest increases out of the 50 largest towns & cities (up 15% and 14% YOY), both located in the North West. None of the top 50 towns and cities saw a decrease in rent, but the areas with the least change were Middlesbrough (0%), followed by London, Coventry and Nottingham (all 1%).

These are the most expensive places to rent in the UK, outside London:

Town/CityAverage monthly room rent Q2 2024
Kingston upon Thames£898
Twickenham£889
Reigate£845
Edinburgh£844
Barnet£841
Croydon£833
Harrow£821
Enfield£812
Guildford£812
Epsom£808

UK’s cheapest towns and cities

The cheapest areas to rent outside of the capital in Q2 2024 were Bootle (£454), Huddersfield (£468) and Rotherham (£472) for the second consecutive quarter.

These are the cheapest towns and cities to rent in the UK:

Town/CityAverage monthly room rent Q2 2024
Bootle£454
Huddersfield£468
Rotherham£472
Wallasey£475
Middlesbrough£476
Burnley£476
Bradford£478
Barnsley£480
Grimsby£483
Stockton-on-Tees£485

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Methodology

SpareRoom’s Quarterly Rental Index compares data from Q2 2024 with Q2 2023, 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: