Hanwell has seen the highest percentage increase over the past year for renting a room in London, new data from SpareRoom has revealed.
Over the 12 months from the end of 2021 to 2022, Hanwell saw the cost of renting a room going up by 34% from £631 a month to £843 a month.
Matt Hutchinson, SpareRoom director said: “Although demand has eased in the Capital since the record peaks we saw in August and September, the combined effect of low supply and the cost-of-living crisis means rents have continued to rise. London rents have risen more than anywhere else in the UK, breaking previous records set earlier in the year.”
He added: “High rents not only make it difficult for tenants who need to move now, it also means that many stay put to avoid paying more rent. Unless people are able to move freely, the impact on the economy could be significant. Work is the key reason people move, but if a potential pay rise is wiped out by having to pay more rent, lots of people will simply stay where they are.”
