It has been reported that rents in London fell slightly during December 2023 and January 2024, the first fall in over 2 years.
London based Estate Agents Foxtons reported that, although there was an 8 per cent year on year increase, that rents during the latter part of 2023 had in fact fallen in the London area.
Euronews.com puts this fall down to a number of factors with demand falling in the area from October 2023 due to affordability issues, being one reason. The large rent increases, added to the obvious cost of living rises have made London rental prices unaffordable for many and meant they may be looking at options in other areas of the UK.
They also state that many landlords are considering selling rather than renewing rental agreements as costs and increased regulation affect the rental sector.
Here at RoomsForLet we believe this is a temporary blip as there is still a massive demand for accommodation and a serious shortage of supply. Added to the fact that many landlords are considering a sale, this will likely lead to a further increase in demand stimulating rental prices once again.
Whilst some London rental prices have fallen and landlords looking to off-load rental properties, there are many rooms to rent available in the London area. However, the more affordable ones are snapped up very quickly. If you are searching for a room to rent in London, it is a good idea to register with us along with other online portals as soon as possible and contact as many landlords as you can.
Rooms To Rent In London
A selection of available rooms in London and surrounding areas on Rooms For let
- 1 bedroom with private bathroom In a Fully refurbished 2 Bedroom apartment, London - £1200 per month
- Nice double room to rent in Clapham £900 all bills inclusive, Clapham - £900 per month including bills
- Double room available, Brixton - £693 per month
- Nice Double room to rent inclusive all bills, Streatham Hill £700 per month
- Good looking bougie bijoux !, West Norwood - £1200 per month
- Nice Double Room available to rent, West Norwood all bills inclusive - £750
- Lovely 2 bed flat available in Streatham Common – complete property, £2100 per month
- Room to rent, 10 mins walk from Vauxhall, Kennington - £997 per month
As you can see there are a number of rooms to rent with rental prices below £1000 per month.
Here you can find more rooms to rent in London or register as a tenant to make an enquiry. We can also match you to available rooms and contact potential landlords for you. Please register your details and create your profile in the first instance.
Will Rental Prices Fall Throughout the UK?
As there has been a small fall in London rent prices this could indeed spread to other areas as affordability affects a vast number of people. However, as we have consistently argued, the pressure on supply as it is, means we are highly unlikely to see any significant falls or that this will happen over a prolonged period.
The supply and demand issues will also likely be exacerbated by landlords selling causing a further reduction in available stock.
That said, there is an argument to say that as landlords do offload properties, more tenants will turn in to buyers and so relieving some of that additional pressure.
As interest rates fall this could encourage more to buy rather than rent which could have a knock-on affect on rental prices. However, we don’t believe there will be a discernible drop in the foreseeable future.
Rent a Room or More
As a landlord have you considered renting rooms or converting properties to HMO to increase your return, rather than putting the property on the market? The benefits can include extra rent every month as well as less time with an empty property. With room only rentals such as HMO, as a tenant leaves, there are others occupying separate rooms ensuring there is always a flow of rent on a monthly basis. Whilst the landlord would generally be responsible for costs such as energy, water and council tax this should be more than offset by the increase in rent leaving a healthy return.
If you have rooms to rent or are considering doing so, please register here to create your landlord account and post an advert. Your rooms will be matched to suitable tenants or you can contact them directly via our ‘Best Matches’ and ‘Rooms Wanted’ sections..
Likewsie, if you are a homeowner looking to earn some extra income from your property, you can advertise a room to rent with us. Register here to get started.
With the UK Governments 'Rent a Room' Scheme you are able to earn up to £7500 per year in tax free income when renting out one furnished room in your own home.