New data from leading flatshare site SpareRoom reveals that current chaos in the rental market shows no sign of resolving itself, with UK rents in Q4 2022 reaching an all-time high, increasing by 13% year-on-year. As of December 2022, the average UK room rent was £731**.
In Greater London, room rents exceeded £900 for the first time ever in September 2022, with average room rents since climbing to £949 as of December 2022.
SpareRoom also reports that whilst London saw the biggest increase in Q4 2022 vs Q4 2021, all UK regions bar Scotland saw a rise in average room rents, and the fall in Scotland (-6%) can be put down to inflated rents in Q4 2021 in the Glasgow area due to the COP26 summit. To help inform those considering their next move, SpareRoom has compiled a list of the most and least expensive places to rent in the Capital and across the UK.
In London, the most affordable postcodes are mainly in the southeast and east regions. The cheapest areas to rent a room is Norwood (SE25) at £680, followed by Manor Park (E12) at £690 and East Ham (E6) at £697.
As to be expected, the least affordable postcodes are still in central and west London areas – West End/Soho (W1) had the highest room rents at £1,475 followed by Westminster/Belgravia/Pimlico (SW1) at £1,284 and Bloomsbury/High Holborn (WC1) at £1,255.
Outside of the capital, the most expensive places to rent in Q4 2022 were Kingston Upon Thames (£852), Twickenham (£824) and Southall (£805). Conversely, the cheapest areas to rent in the UK were Burnley at £421, Barnsley at £422 and Huddersfield at £428.
Top 10 most and least expensive areas both in London and the UK
London
| Most expensive | |
| London postcodes | Average monthly room rent Q4 2022 |
| W1 (West End / Soho) | £1,475 |
| SW1 (Westminster / Belgravia / Pimlico) | £1,284 |
| WC1 (Bloomsbury / High Holborn) | £1,255 |
| W2 (Bayswater / Paddington) | £1,214 |
| NW1 (Camden) | £1,213 |
| NW3 (Hampstead) | £1,203 |
| EC1 (Aldersgate / Finsbury / Holborn) | £1,155 |
| SW10 (West Brompton / Chelsea) | £1,150 |
| SW11 (Battersea) | £1,103 |
| SE1 (London Bridge / Borough / Waterloo) | £1,101 |
| Least expensive | |
| London postcodes | Average monthly room rent Q4 2022 |
| SE25 (Norwood) | £680 |
| E12 (Manor Park) | £690 |
| E6 (East Ham) | £697 |
| E4 (Chingford) | £698 |
| N18 (Upper Edmonton) | £701 |
| SE2 (Abbey Wood) | £705 |
| SE28 (Thamesmead) | £705 |
| E13 (Plaistow) | £720 |
| SE20 (Penge) | £721 |
| E7 (Forest Gate) | £725 |
UK
| Most expensive | |
| Town/City | Average monthly room rent Q4 2022 |
| Kingston upon Thames | £852 |
| Twickenham | £824 |
| Southall | £805 |
| Barnet | £772 |
| Harrow | £750 |
| Ilford | £745 |
| Bromley | £743 |
| Croydon | £735 |
| Cambridge | £730 |
| Hove | £723 |
| Least expensive | |
| Town/City | Average monthly room rent Q4 2022 |
| Burnley | £421 |
| Barnsley | £422 |
| Huddersfield | £428 |
| Stoke-on-Trent | £432 |
| Rotherham | £438 |
| Crewe | £440 |
| Bradford | £441 |
| Darlington | £442 |
| Middlesbrough | £443 |
| Doncaster | £443 |
Matt Hutchinson, Director at SpareRoom, comments: “Although demand has eased since the record peaks we saw in August and September, the combined effect of low supply and the cost-of-living crisis means rents have continued to rise. The last 12-months has seen rents across the UK hit record highs and, unless new supply comes into market over the coming months, it’s hard to see those rents come down meaningfully in 2023.
“In the meantime, we hope that this list of the most and least expensive areas will help the people who are looking to make their next move.”
* Average monthly room rents (UK room ads inclusive of bills) from Q4 2022, compared with Q4 2021. London data covers E, EC, N, NW, SE, SW, W & WC postcodes
** Active renter numbers, supply and average rent per month for UK and Greater London