The UK rental market is showing some signs of stabilising after a chaotic few years, as rent hikes slow down across the country. Renting a room in a flat or house is a common way for tenants to save money on rent costs, and is especially popular amongst students and young professionals,
According to SpareRoom’s Q4 2024 Rental Index, average UK room rents rose by just 1 percent year-on-year from £738 to £774 – the smallest increase seen in 2024 – offering some relief to renters who faced higher increases throughout 2024.
Further good news is that whilst rents continue to increase slightly, no UK region has seen rises above 5 percent. The North West saw the largest increase, with rents rising by 5 percent (£608), followed by East Anglia and the South West both at 3 percent respectively (£669 and £665).
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Outside of central London, the most expensive towns and cities to rent a room in include Twickenham (£928), Kingston-upon-Thames (£920), and Epsom (£855). At the other end of the spectrum, Bootle remains the cheapest town to rent a room, with an average rent of £447, closely followed by Barnsley (£465) and Bradford (£473).
Overall, looking at the data year-on-year, the news is looking much more positive for renters as the market begins to show gradual stabilisation at the end of 2024, offering some much-needed relief to tenants facing affordability challenges.
Matt Hutchinson, Director at SpareRoom, commented: “The past few years have been incredibly tough for renters, not just in London but across the whole of the UK. With average rents falling in the capital and increases slow across the country, hopefully there’s finally some light at the end of the tunnel. However, there’s still a long way to go before we can call rents genuinely affordable.
“Our hope is that this cooling in the market, coupled with the traditional January increase in supply as cash strapped homeowners take in lodgers, will give renters some confidence that the market is slowly but surely turning itself around.”
Rents are showing signs of slowing down across the country -Credit:Getty Images
If you are looking to rent a room, here are the UK’s top 12 cheapest towns and cities:
Meanwhile, here are the UK’s most expensive towns and cities to rent a room (excluding London):