The rate at which London room rent costs are rising is slowing down, according to a new rental market report.
The SpareRoom.co.uk report shows an annual increase of just 1% in the second quarter of 2016; a welcome change from the scary 8% increases seen in 2014-15.
In fact, a third of London’s postcode districts have seen a decrease in rents year-on-year. Rents fell 4% in north west and 2% in west central and east central London.
The average price of renting a room in the capital is now £734 a month.
East/west divide
The report also shows a clear east London/west London divide when it comes to rental prices.
The cheapest London areas to rent a room are all in south east or east London: Eltham (£518), Manor Park (£525), and Chingford (£544).
In contrast, south west London has bucked the citywide trend for cooling rents: here prices have seen a 5% annual increase.
If you were hoping to move to Barnes, Tooting, Mortlake or West Brompton/Chelsea, you might have to reconsider your plans.
The Crossrail effect
Then there's the Crossrail effect, pushing up rents in certain areas that'll be served by the new line.
In Abbey Wood, where Crossrail services will start in 2018, rents have risen by 21%.
The south east London area remains one of the few places you can (still) rent a room for less than £600: average Abbey Wood rents currently stand at £564. Alas, we don't think they'll stay this low for long.
