Room rents fall in London and stabilise across rest of UK

The UK rental market is showing signs of stabilising after a chaotic few years, as rent hikes slow across the country.

That’s the view of flat-sharing website SpareRoom which says London is the only UK region where rents actually fell in the fourth quarter of 2024 – the average room rent in London decreased by 2%, from £1,015 in Q4 2023 to £993, markingthe most significant drop in London rents since Q1 2021.

The most expensive London postcode to rent in is SW3 at £1,488 (-9% YOY) followed by SW1 at £1,244 (with an annual decrease of 13% YOY).

Average UK room rents rose by just 1% year-on-year from £738 to £774 – the smallest increase seen in 2024 – offering some relief to renters who faced higher increases throughout 2024. Letting Agent Today