London room rents fall as the market stabilises

London room rents fall as the market stabilises

0:02 AM, 10th January 2025, About 7 hours ago

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Rents for rooms in London have fallen for the fourth consecutive quarter in Q4 2024, according to the latest SpareRoom rental index.

This marks the largest drop in the capital’s rents since Q1 2021.

The average room rent in London fell by 2% in Q4 2024, from £1,015 to £993.

The platform says that SW3 remains the most expensive postcode, with an average rent of £1,488 – down 9% year-on-year.

The SW1 postcode followed, with rents dropping a significant 13% year-on-year to £1,244.

‘Incredibly tough for renters’

Spareroom director, Matt Hutchinson, said: “The past few years have been incredibly tough for renters, not just in London but across the whole of the UK.

“With average rents falling in the capital and increases slow across the country, hopefully there’s finally some light at the end of the tunnel.

“However, there’s still a long way to go before we can call rents genuinely affordable.”

He added: “Our hope is that this cooling in the market, coupled with the traditional January increase in supply as cash strapped homeowners take in lodgers, will give renters some confidence that the market is slowly but surely turning itself around.”

Average UK room rent

Nationally, the average room rent grew by just 1% year-on-year, rising from £738 to £774, marking the smallest increase of the year.

No region saw rent increases above 5%, with London being the only region to experience a decline.

Outside of London, Twickenham (£928), Kingston-upon-Thames (£920) and Epsom (£855) were the most expensive towns/cities to rent a room.

At the other end of the spectrum, Bootle remained the cheapest, with an average rent of £447.


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