- The average cost of renting a single room in the UK has hit a record high of £769 a month, with prices in central London reaching £1,002, according to SpareRoom.
- Meanwhile, the average cost in Wales is £593, and the West Midlands is £594. Renting in Scotland comes in at an average of £726, while South East England will set you back around £709.
- Affording an average rental in inner London now requires an estimated salary of £40,000, SpareRoom director Matt Hutchinson said.
- Mr Hutchinson pointed to the Renters’ Rights Act as a leading cause of the recent price rises. He said while the policy was a “solid step” for tenant security, there needs to be a “second push to tackle affordability”.
- A housing ministry spokesperson said: “Our landmark Renters’ Rights Act is protecting tenants from excessive rent increases by limiting rent rises to once a year, giving tenants strong powers to challenge above-market increases and banning rental bidding wars.”
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