Average London rent increased 32% since 2019, with SE postcodes rising most
New data from the UK’s leading flatshare site, SpareRoom, has analysed London rental costs between 2019 and 2024, revealing that the average London rent has increased 32% in the past five years, rising from £744 to £983.
Biggest rental increases by postcode
The biggest rental increases were seen in SE2, covering parts of Greenwich and Abbey Wood, where rent has more than doubled since 2019, rising by a huge 54.7%. Abbey Wood was recently highlighted by SpareRoom as one of London’s most rapidly increasing in demand areas**, likely due to the construction of the Elizabeth line, making this a newfound commuter hotspot and improving accessibility to Central London. The rising demand, in turn, is likely to have led to significant rises in rental prices in the area.
Other postcodes that have seen five-year rent increases well above the capital’s average include EC2 (53.4%), N9 (49.7%) and SE9 (49.6%).
| Top 10 postcodes with the biggest five year rental increases by % | |||
| Postcode | Approximate areas covered | Five year rental increase in % | Five year monthly rental increase in £ |
| Parts of Greenwich and Bexley including Abbey Wood | 54.7% | £289 (£531 up to £820) |
| 2. EC2 | Shoreditch and Liverpool Street | 53.4% | £517 (£966 up to £1,483) |
| 3. N9 | Edmonton/Enfield | 49.7% | £284 (£571 up to £855) |
| 4. SE9 | Parts of Greenwich, Bromley, Bexley and Lewisham including Eltham | 49.6% | £279 (£562 up to £841) |
| 5. SE17 | Parts of Southwark, including Elephant & Castle, Kennington | 48.1% | £357 (£741 up to £1,098) |
| 6. SE7 | Charlton | 47.7% | £280 (£588 up to £868) |
| 7. SE28 | Thamesmead (Greenwich/Bexley) | 46.4% | £263 (£566 up to £829) |
| 8. E2 | Bethnal Green, Haggerston, Hoxton and parts of Shoreditch | 44.6% | £336 (£753 up to £1,089) |
| 9. SE13 | Lewisham | 43.1% | £289 (£671 up to £960) |
| 10. E17 | Walthamstow | 42.9% | £262 (£611 up to £873) |
Smallest rental increases by postcode
Many of the postcodes with the lowest rental increases over the past five years were those that have seen consistently high rental costs, for example W10 – covering parts of Queen’s Park and Ladbroke Grove, where rent has gone from £900 to £1,008 in five years, and SW1 where 2019 rent would already set you back a hefty £1,086 – rising to £1,247 in 2024.
| Top 10 postcodes with the smallest five year rental increases by % | |||
| Postcode | Approximate areas covered | Five year rental increase in % | Five year rental increase in £ |
| Queen’s Park, Ladbroke Grove and Kensal Town | 11.9% | £108 (£900 up to £1008) |
| 2. SW14 | Mortlake and East Sheen in Richmond | 14.7% | £109 (£741 up to £850) |
| 3. SW1 | Parts of Knightsbridge, Belgravia, Chelsea, Victoria and Vauxhall | 14.8% | £161 (£1,086 up to £1,247) |
| 4. SW8 | Parts of Vauxhall, Lambeth, Clapham and Stockwell | 15.1% | £135 (£897 up to £1,032) |
| 5. SW13 | Barnes in Richmond | 16.5% | £126 (£769 up to £895) |
| 6. NW5 | Kentish Town, Camden and Tufnell Park | 17% | £138 (£809 up to £947) |
| 7. SW10 | Parts of Chelsea and West Brompton | 18.7% | £184 (£985 up to £1,169) |
| 8. SE10 | Greenwich | 19% | £164 (£860 up to £1,024) |
| 9. SW6 | Fulham and Parson’s Green | 20.3% | £189 (£928 up to £1,117) |
| 10. EC1
11. SW15 | Farringdon, Clerkenwell and Finsbury
Putney and Roehampton | Both 21.3% | £211 (£989 up to £1,200)
£152 (£717 up to £869) |
Rental changes by region
Looking at average rental increases by postcode region, north, east/east central and south east all had average rent increases above the London average, whilst north west, south west and west/west central all fell below the five year average.
| Postcode region | Average five year rent increase by % |
| SE | 35.8% |
| N | 34.6% |
| E / EC | 34.2% |
| LONDON AVERAGE | 32% |
| NW | 28.9% |
| W / WC | 27.2% |
| SW | 26.3% |
Matt Hutchinson, director at SpareRoom commented “It’s interesting to see that rental increases across the western half of London, including postcodes W, SW and NW all fall below the five-year average, whilst eastern postcodes are pushing beyond the average.
We used to see London as having a north-south divide in terms of affordability, but it’s become an east-west divide in recent years, particularly as transport has improved in the south and east of the Capital. East London has also seen plenty of new-build development over the last decade, with much of it aimed at young professional renters.
Rents have now started to fall slightly in London, but the five year figures are shocking, revealing just how unaffordable London has become. While many people are calling for rent caps in the Capital, it feels way too late for that. At what point will London simply become unaffordable for young professionals altogether?”
