"The last 12-months have seen rents across the UK hit record highs and, unless new supply comes into the market over the coming months, it’s hard to see those rents come down meaningfully in 2023"
According to the data, in London, the most affordable postcodes are mainly in the southeast and east regions. The cheapest areas to rent a room are Norwood (SE25) at £680, followed by Manor Park (E12) at £690 and East Ham (E6) at £697.
As to be expected, the least affordable postcodes are still in central and west London areas – West End/Soho (W1) had the highest room rents at £1,475 followed by Westminster/Belgravia/Pimlico (SW1) at £1,284 and Bloomsbury/High Holborn (WC1) at £1,255.
Outside of the capital, the most expensive places to rent in Q4 2022 were Kingston Upon Thames (£852), Twickenham (£824) and Southall (£805). Conversely, the cheapest areas to rent in the UK were Burnley at £421, Barnsley at £422 and Huddersfield at £428.
Matt Hutchinson, Director at SpareRoom, said: “Although demand has eased since the record peaks we saw in August and September, the combined effect of low supply and the cost-of-living crisis means rents have continued to rise. The last 12 months have seen rents across the UK hit record highs and, unless new supply comes into the market over the coming months, it’s hard to see those rents come down meaningfully in 2023.
"In the meantime, we hope that this list of the most and least expensive areas will help the people who are looking to make their next move.”
