London tops £1k a month as national supply falls 4.7%
The average room rent in the UK hit a new high of £769 per month in Q3, with record highs in seven of the UK’s nine regions and London once again surpassing £1k a month, according to the latest rental index data from SpareRoom.
It comes as UK room rental supply fell -4.7% year on year in Q3.
By country, the biggest year-on-year rent rise in Q3 was seen in Northern Ireland (+7%), while England hit a new record of £775 (+1%) and Scotland £726 (+1.1%). Rents in Wales rose +0.9% to £593, but this wasn’t a new record.
The largest top 20 cities by flatshare supply, Belfast (+6.8%) and Exeter (+4.5%) saw the biggest year-on-year rent rises, while Swansea (-3.6%) and Manchester (-2.1%) saw the biggest falls.
Regionally, South West England saw the biggest year-on-year rent rise with a +2.3% increase. Greater London and North East England were the only two regions not to hit new record levels in the period.
Inner London under greatest pressure
In the capital, room rental supply fell 7.3% in inner London in the third quarter, pushing the average rent up 2.3% on Q2 and 1.1% annually to £1,002, almost equalling the record high of £1,003 seen in Q4 2023. Rent in outer London – now an average £800 per month – held steady at -0.2%.
East London has the lowest average room rent (£958 per month) and is seeing the smallest year-on-year rent increases too. By contrast, in south-west London, the average rent is now £1,065 per month and rising 2.4% year on year.
SW7, spanning South Kensington and Knightsbridge, is the most expensive, with an average monthly room rent (£1,682) which is more than double that of the cheapest postcode, E12 Manor Park, at £752 per month, according to the index.
