We all know that living in London is incredibly expensive, but according to new figures, room rents in the capital are at their lowest in seven years.
According to SpareRoom, the average monthly room rent in London during 2021 was £721 – down from £766 pre-pandemic. This represents the lowest average since 2014, when the average was £687.
London, where rents dropped by 6%, and the West Midlands, where they remained stable, were the only regions that didn't become pricier during the pandemic. The steepest increases came in Northern Ireland (up 9%), South West England (up 8%) and Scotland (up 8%) – in Glasgow, they rose by nearly a quarter (24%).
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"We knew the pandemic had a dramatic impact on room rents in London, but we were shocked to see just how far they fell," said Matt Hutchinson of SpareRoom. "Yet our data shows a very different picture beyond the capital, with rents across other UK regions stable or on the up. The last two years have had a huge impact on our lives and have led most of us to question what’s important, including where we want to live."
However, SpareRoom's data also revealed that London rents began to creep up again during the final three months of 2021. Among the areas becoming pricier again is East London, which is especially popular with students and young people. Thankfully, data released in November revealed that relatively affordable rooms remain easier to find in certain parts of East and Southeast London.
"We saw a huge surge in demand towards the end of 2021, as people started to return to work and restrictions eased," SpareRoom's Matt Hutchinson added. "Although Omicron has slowed momentum, early data suggests the capital is starting to regain its appeal. Time will tell how long it takes to regain its pre-pandemic status, but the signs are there that things are turning around."