Most Affordable London Postcodes For Renting a Room
SpareRoom reveals the latest trends in the room rental property market in London and suggests the most and least affordable London neighbourhoods.
Currently, an average room in the capital costs £815 per calendar month (pcm), up by 15% year-on-year (YoY). The recent data shared by SpareRoom suggests that room rents are up across all UK regions, with the 40 biggest towns and cities hitting record highs.
What Are The Central Rental Trends Now?
Now, low supply, heated demand, and spiralling energy costs are driving room rentals in London and the UK.
This is unfortunate news for Generation Rent, as the latest figures from SpareRoom suggest that average monthly room rents in the capital have passed the £800 threshold for the first time, up by 15% from £708 YoY.
What’s more, all UK regions recorded an increase in monthly room rentals, meaning that this trend is relevant across the whole country.
So, what are the most and least affordable areas for renting a room in London and the UK?
The Most And Least Affordable London Neighbourhoods For Renting Rooms
The most affordable corners in London for renting are the southeast and east areas. Abbey Wood in SE2 is still the cheapest area for renting a room in London, with average prices hitting £616 pcm.
Next come Manor Park in E12 and East Ham in E6, with similar figures reaching £620 and £621.
Unsurprisingly, the least affordable areas are in central and west London neighbourhoods. Soho in W1 outperforms other areas, with average monthly room rents hitting just shy of £1,300. Westminster, Belgravia, and Pimlico follow closely, with rents reaching £1,097.
Outside London, the most affordable area is Darlington (£391), while the least affordable spot is Kingston upon Thames (£727).
Specialists Share
SpareRoom says renters are going to struggle in the coming months as rents hit record highs, inflation rises, and energy costs spike.
The government should address this by providing affordable housing rather than giving out money to renters. Meanwhile, the list of the most affordable corners for renting should help those looking to take their next step.
