London rents have dropped every quarter in 2024, suggesting the market has cooled considerably this year, data from flatshare website SpareRoom has revealed.

East Central (+4%) London has bucked the trend by seeing a big increase. However the North and West stayed the same (0%), while the South West saw rents fall by -1%.

Rents were still up 1% in London compared to Q3 2023 on an annual basis.

Matt Hutchinson, director at SpareRoom, said: “Although rents are still rising throughout the UK, the rate of growth is slowing, and the London market in particular is showing signs of stabilising, especially when it comes to the supply:demand ratio.

“While this is an encouraging start, there’s still a long way to go for London renters when it comes to accessibility and affordability.”

The postcodes seeing the biggest drops are W8, Holland Park (-11%) and N2, East Finchley (-11%), followed by SW7, South Kensington / Knightsbridge and SW3, Chelsea (both -7%).

London’s most affordable areas by monthly room rent are E4, Chingford (£777), E6, East Ham (£778) and E7, Forest Gate (£785).

Outside of London, the most expensive city to rent in is Edinburgh, with an average room costing £920 per month.

Via @PropertyWire