Rents rose by 4% in the year to the third quarter, the smallest increase seen in 2024, data from SpareRoom has revealed.

The regions seeing the biggest increases in average rent prices are Northern Ireland (+8%), East Anglia (+6%) and the North West (+6%).

Meanwhile rents have only risen by 1% annually in London.

Matt Hutchinson, director at SpareRoom, said: “Although rents are still creeping up overall, we’re starting to see signs that things are slowing down, particularly when it comes to the number of people chasing every room on the market.

“That’s positive news, but there’s a long, long way to go before rents will feel genuinely affordable.”

The cities and towns that saw the biggest year-on-year increase are Southend-on-Sea (+11%) and Dundee (+10%), while Warrington (-2%) was the only area in the UK to see a decrease in average rent prices.

Excluding London, the most expensive place to rent is Edinburgh, with an average monthly room rent of £920 a month.

Via @PropertyWire