"Whilst demand for rooms is still lower than the record highs we saw at the end of 2022, rising interest rates and a cost of living crisis are continuing to drive rents up to record levels"
Recent data highlights that UK rents were up 15% in Q1 2023 compared to Q1 2022 with average monthly room rents at an unprecedented £683 - unsurprising therefore that renters are struggling to find affordable housing.
To help those looking for their next move, SpareRoom has compiled a list of the most and least affordable places to rent in the UK.
London remains the most expensive place to rent, with average room rents reaching a staggering £952 in Q1 2023, and not a single postcode with an average monthly room rent of under £700.
Outside the capital, the most expensive places to rent in Q1 2023 were Southall (£810), Barnet (£809) and Twickenham (£801), whilst the cheapest areas to rent in the UK were Burnley (£431), Stoke-on-Trent (£439) and Bradford (£439).
Matt Hutchinson, Director at SpareRoom comments: “Whilst demand for rooms is still lower than the record highs we saw at the end of 2022, rising interest rates and a cost of living crisis are continuing to drive rents up to record levels.
With the average room rent in the UK at an unprecedented £683, renters are being forced to cheaper areas and into house shares. Unless something is done to stop the continuing decline in rental supply, things aren’t likely to improve much for renters. Government has to do much, much more to help, or the housing crisis will become a housing disaster.”
