According to the room share platform, Ideal Flatmate, the cost of renting a room in the UK has increased by eight per cent following the Tenant Fee Act.
The Tenant Fees Act came into effect in England on 1 June 2019. The new act means that the number of items for which letting agents can charge tenants is significantly restricted.
Figures indicated that in the second quarter of this year, there have been more than 29,000 room share listings. While the average cost of renting a room in the UK has increased by eight per cent and rent now stands at £577 per month.
According to the statistics, London remains the most expensive at £783, up five per cent since the previous quarter.
In London, Barking and Dagenham remains the most affordable borough for a room rental at £561, with the City of London the least affordable at £1,140.
Havering, Sutton, Harrow, Camden and the City of London have seen the smallest growth in rental costs at two per cent, while Lewisham and Kingston has seen the average room rental increase by 10 per cent since Q1.
Tom Gatzen, Co-founder of ideal flatmate, said: “A large degree of rental price growth in the second quarter of this year is almost certainly attributed to the introduction of the tenant fee ban.
“While a positive step towards safeguarding tenants, its implementation has seen many landlords and letting agents opt to increase rents from June onwards which seems to have had a notable impact on rental costs in a short period of time.”
