It's news to absolutely no one that renting in London is expensive – prohibitively expensive. The capital is the ever more unaffordable epicentre of the UK's housing crisis, to such an extent that Mayor Sadiq Khan wants to introduce a system of New York-style rent control.
While the average room rent across the UK has risen 1% year-on-year, in the capital it's crept up four times as fast. According to SpareRoom's latest Rental Index report, the average monthly rent for a room in London is now £782 – up from £754 this time last year. This figure is inclusive of bills, and is based on SpareRoom listings posted between July and September of this year, so it's super up-to-date.
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As SpareRoom's London "heatmap" below shows, the closer you get to the city centre, the more eye-watering the rents become.
The report also reveals that rents are rising especially quickly in some areas which might once have seemed relatively affordable: in Camberwell (SE5), Kennington (SE11) and Golders Green (NW11), rents are up by 7% year-on-year. In North Kensington (W11), they've increased by a massive 13% in the last 12 months. Ouch.
Thankfully, it's all not all doom and gloom. If you're looking for a room in buzzy east London, rents in two postcodes – Homerton (E9) and Canning Town / North Woolwich / Docks (E16) – have dropped by 1% and 2% respectively over the last 12 months. And Spare Room has identified 10 areas – mainly in East and Southeast London – where average monthly room rents remain comfortably under £600.
Check out the least (and most) expensive postcodes in London below.
Check out the least (and most) expensive postcodes in London below.
As you'll see, the most expensive place in London is St Pauls (EC4), where the average room comes in at a massive £1,268. South Kensington and Knightsbridge (SW7 and Aldgate (EC3) at the edge of the City aren't too far behind. You can find out how London room rents compare to other UK towns and cities here.