According to data from leading flatshare site SpareRoom, average room rents in the UK have increased by 10% or more across every region, including London and nearly every major town and city, compared to the beginning of 2022. London’s average monthly room rents have reached £952, a 20% year-on-year increase. The London regions with the most significant year-on-year increases are WC, NW, and E, all rising by 21% to £1,250, £965, and £926, respectively. For the first time, no London postcode has an average monthly rent below £700.

The number of London postcodes with average room rents over £1,000 per month has more than quadrupled in the past year, with over 30 postcode regions now averaging £1,000 or more. Chelsea exceeded the £1,500 mark for the first time.

UK room rents saw a 15% increase in Q1 2023 compared to Q1 2022. After London, the North East and North West regions experienced the most significant rent increases year-on-year, both up by 16%.

SpareRoom Director Matt Hutchinson states that despite a decline in room demand since the end of 2022, it remains above pre-pandemic levels, contributing to rising rents along with higher interest rates and increased living costs. Hutchinson warns that if the decline in rental supply continues without government intervention, the housing crisis may become a housing disaster.