The average cost of renting a room in the UK has increased by just 1% over the past 12 months to hit an average monthly total of £600.
The latest figures from SpareRoom show that Northern Ireland is the cheapest region to rent a room in the UK, at an average of £352 a month.
But when it comes to the UK’s cheapest town, it is Galashiels in Scotland with rents at £303 a month, followed by Northern Ireland’s Bangor and Craigavon, at £318 and £320 a month respectively.
At the other end of the scale, Guernsey is the most expensive place to rent a room in the UK with rents of £796 a month, followed by London, where the average monthly rent per room currently stands at an average of £782.
Looking at London specifically, rents are up 4%, which matches the previous quarter. The highest rental increases in the capital are in West Central London, up 5%, closely followed by East Central, North West, South West and West, which have all increased by 4%.
North Finchley (10%), Camberwell (7%) and Lee (7%) are in the top 10 postcode districts where rents have risen the most over the last year.
East, North and South East London have seen the slowest rental increases, up just 2%, while Abbey Wood remains the cheapest area to live with average rents of £533 a month.
Matt Hutchinson, communications director for SpareRoom, commented: “Despite repeated warnings that the tenancy fees ban would drive rents up, so far that’s not been the case. Even with July, August and September being the busiest months for new tenancies we haven’t seen a significant bump in rents. It’s still early days but, for now, tenants will be breathing a sigh of relief.”