The Most And Least Affordable UK Rental Hotspots
New research from rental specialists at SpareRoom analyses the most and least affordable areas for renting across the UK and reveals several curious trends.
Researchers at the flatshare site analysed the rental market and revealed how rental prices differ across the UK. They also shared the least and most affordable areas to rent a flat in the current market.
Rental Market Trends
In Q4 2022, room rents hit an all-time record, rising by 13% year-on-year (YoY). With the current buoyant state of the rental market, the new research data may help tenants or investors understand the settings better and find favourable offers and areas.
Unsurprisingly, London outperforms any other areas regarding average rental prices. However, the capital offers more affordable prices in neighbourhoods such as Norwood (£680), Manor Park (£690) and East Ham (£697).
As for the least affordable postcodes, west London areas like Soho in W1 (£1,475), Belgravia in SW1 (£1,284), and Bloomsbury in WC1 (£1,255) have the highest room rents. Outside London, the most expensive areas are Kingston upon Thames (£852) and Twickenham (£824).
Specialists Say
The researchers at SpareRoom highlight heated rental demand despite it being slightly lower than record peaks in August And September 2022. The combined effect of increasing living costs and poor supply continues to drive rental prices, with UK rents hitting new all-time highs.
Moreover, specialists don't anticipate significant drops in rental prices unless new stock comes into the market. Hopefully, the shared list of the least and most affordable UK areas for renting a room will be helpful for tenants navigating challenging property markets today.
