A letting platform says what it calls “the rental chaos” of the current market has now end in sight.
New data from SpareRoom reveals that room rents rose by 17 per cent year on year up to the end of the second quarter of 2023. This saw the cost pass the £700 per month threshold for the first time on record.
Now 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 £971 in Q2 2023, and only two postcodes with an average monthly room rent under £750 (E12 Manor Park and SE28 Thamesmead, at £714 and £741 respectively).
Outside the capital, the most expensive places to rent in Q2 2023 are Kingston upon Thames (£881), Twickenham (£856) and Barnet (£812), whilst the cheapest areas to rent in the UK were Huddersfield (£441), Burnley (£443) and Scunthorpe (£449).
Matt Hutchinson, SpareRoom director , says: “The housing market simply isn’t working for anyone. Renters and homeowners are struggling and landlords are continuing to leave the market.
“However, although London rents remain sky high, there is a glimmer of hope as they fell slightly in June. Although this is a very marginal change, it’s the first time rents have decreased in the capital in over a year, which is a positive sign.
“Nevertheless, for many people housing will be the key issue for the next general election, so we need to hear something positive and practical from all parties in the coming months. Sticking plaster policies aren’t enough – we need real commitment to fixing this housing crisis.”