It’s no secret that the rental market is going wild right now.
In April, the average monthly rent cost for properties outside of London shot up by 10.8% year-on-year, according to Rightmove’s first-quarter rental trends tracker, with cities such as Manchester and Swansea seeing increases of 19%.
Just three months later, in July, the average price per calendar month outside of London was at a new record of £1,126.
In London, already high rental prices have risen by 15.8% in the last year, with the average monthly rent sitting at £2,257.
This week, data published by SpareRoom, which advertises openings in flatshares, showed that rent costs for rooms alone had hit 40-year record highs, with London’s West End and Soho topping the list with an average cost of £1,229 a month.
The second most expensive was Westminster and Belgravia where rent is £1,097 a month, followed by Earl’s Court at £1,060.
The cheapest area in London, where prices for a room were half the price of those in Soho, was Abbey Wood in Zone 4, with the average rental price sitting at £616.
The most expensive areas to rent a room in London
The most expensive areas to rent in London, plus average monthly rent for a room:
The cheapest areas to rent a room in London
The least expensive areas to rent in London, plus average monthly rent for a room:
You can also find cheaper lets in Manor Park and East Ham in the east end, with rooms costing around £620 a month on average.
Outside London, the cheapest places to live were Darlington where average rent is £391, Huddersfield at £394 and Middlesbrough at £396.
Most expensive areas to rent a room in the UK – outside of London
Most expensive areas to rent a room in the UK, plus average monthly rent for a room:
Least expensive areas to rent a room in the UK
The least expensive areas to rent a room in the UK, plus average monthly rent for a room:
Constantly increasing rental costs are adding to the already soaring cost of living, with bills not expected to go down until 2024.
Spareroom’s director said: ‘With rents at record highs, inflation higher than it has 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 simply 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.
‘In the meantime, hopefully this list of the most and least expensive areas will help people looking to make their next move.’
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