Stats Reveal Renting In London Is Slowly Getting Cheaper

Good news for everyone except landords: renting in London actually got cheaper this year.

Flatmate-finding site SpareRoom analysed over 400,000 listings on their site for their Quarterly Rental Index, and discovered the average rent for a double bedroom in the capital dropped by 2% on average this year. That’s a cut from £741 to £725, potentially saving Lucy Q. Londoner £192 a year. [Header photo by @roshani.takes.london.]

With rents across the rest of the UK actually rising by 3% this year, the huge regional rental gap has narrowed a tiny bit – but renting in London is still way more expensive than anywhere else, and on average we’re all paying an extra £3,228 a year to live here, versus the UK average. In fact, the last few months have seen a 1,000% increase in Londoners searching for rooms in Glasgow, and 223% more for Manchester.

But rent changes haven’t been entirely equal across the capital…

Everybody loves Brockley. Photo: @dimitar_hr

Notable drops were recorded in Chelsea (-10%) and Clapham (-8%) in southwest London, Highgate and New Southgate (both -7%) in the north, and Canary Wharf (-5%) and Bethnal Green (-5%) in the east, and Dulwich Village in the south.

Biggest rent decreases this year:

Beating the trend with some serious increases were a mix of dead-central neighbourhoods like Holborn (14%), Westminster (+6%) and Aldgate (+5%); laidback southern suburbs like Mortlake (+6%), East Dulwich (+6%), Herne Hill, Brockley and Forest Hill (all +5%) and the north-eastern nirvanas of Wood Green and South Woodford (both +5%).

The biggest rent rises this year:

Rents dropped in all parts of London except the central WC and EC zones, where rents jumped by 6% and 3% respectively, perhaps because of all the wildly expensive flat conversions and towers popping up hither and thither.

The penthouse at Centre Point. Photo: centrepointresidences.co.uk

London’s cheapest and choicest neighbourhoods haven’t seen too much turmoil, but in case you were wondering…

Never fear – you could live in this south London castle for £850/month. Or narrow your horizons with this 7ft-wide house for sale in Hammersmith.