A new market snapshot suggests that the cost of renting just a room in London has reached an average of over £800 per calendar month.
Data from flat sharing website SpareRoom shows that rents in the capital reached £815 pcm in Q2 2022, up 15 per centr from £708 in Q2 2021.
It’s not just the capital where rents have skyrocketed; Northern Ireland was up 17 per cent year-on-year, followed by the North East and Wales, both up 13 per cent.
The UK’s 50 largest towns and cities all saw an increase in room rents, with Sunderland (up 21 per cent), Belfast (up 20 per cent) and Cardiff (up 18 per cent) seeing the highest annual increases.
Some 40 out of the 50 largest towns and cities saw their highest room rents on record in Q2 2022, including Manchester (£543) and Liverpool (£428).
Every London region saw an increase in demand against supply, with West Central witnessing the biggest change, up a remarkable 233 per cent year on year. This is driven by an increase in demand and a drop in supply, insists SpareRoom.
Rents were up across all London regions year on year, with East Central (up 22 per cent to £996 per month), followed by West Central and East (both up 17 per cent, to £1,044 and £793 respectively) seeing the biggest increases.
The cheapest area to rent a room in the capital is still SE2 (Abbey Wood) at £616, followed by E12 (Manor Park) at £620 and E6 (East Ham) at £621.
Matt Hutchinson, SpareRoom director, comments: “We’ve had our busiest June on record in terms of people using SpareRoom to find somewhere to live. At the same time, supply of rental properties has plummeted, meaning rents are on the up almost everywhere. When you add to that the spike in energy costs, which are being passed on to many flatsharers in the form of increased rents, it’s stretching an already unaffordable rental market to breaking point.
“With inflation higher than it’s been for decades, and energy bills set to rise again in October, just before winter kicks in, renters are going to really struggle. It’s time for government to realise that handing out money to help people pay their rent isn’t the long-term solution – we need serious policies to provide affordable housing for everyone.”