SpareRoom's latest rental index reveals a downturn in London’s rent prices, a significant change in the capital’s rental landscape. While UK rents increased by 1% year-on-year, London is experiencing declines, notably a -2% drop in Q4 2024. The report identifies the cheapest postcodes for rent in London, with Abbey Wood (SE2) at the forefront, averaging 760 per month. Other notable postcodes include Lower Edmonton (N9) and East Ham (E6). This shift suggests a potential market adjustment within the city, providing more affordable options for potential renters.
London is renowned for not being a cheap place to live, especially if you rent in the capital. However, new data suggests that could be changing, as areas of London see rent prices decrease.
SpareRoom found that UK rents grew by 1% year-on-year, with average rents continuing to rise for much of the UK from 738 to 774 on average.
London rents are consistently falling with 'every quarter of 2024, finishing with a -2% drop in Q4 and securing its place as the only region of the UK to drop in Q4.'
SE2's Abbey Wood, with an average rent of 760 per month, was London's cheapest rental spot. Currently, on SpareRoom, you can rent a double room for 650 or a newly refurbished double room for 750.
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