The average cost of renting in the UK rose by 9.2% in the 12 months to February this year – the highest annual increase since records began in 2015.

According to the Office for National Statistics (ONS), the average private rent in the UK was £1,246 in March, £104 more than a year ago.

Kensington and Chelsea remain the most expensive areas in the country to live, with average rents in March at £3,305. Outside London, Bristol recorded the highest rents at £1,748.

In Wales, renters paid an average of £727 in March, 9% or £60 more than the previous year.

In Scotland, rents have risen by 10.5% – or about £90 – over the last twelve months, reaching £947 in March.

For Northern Ireland, the data only goes up to January, when rents rose by 10.1%.

The North East has the lowest rent in the UK, with tenants paying an average of £662.

British households paid more rent for a detached house (£1,446), with apartments or maisonettes being the cheapest option at £1,912.

The ONS also released data showing that average house prices in the UK fell by 0.2 percent in the 12 months to February, with the decline slowing in the 12 months to January compared with the same period last year (1.3 percent).

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Across the UK, the average house price was £281,000.

In the 12 months to February, average house prices fell to £298,000 in England (a decrease of 1.1%), £211,000 in Wales (a decrease of 1.2%), but rose to £188,000 in Scotland (a rise of 5.6%).

In Northern Ireland, average house prices rose 1.4% to £178,000 in the year to the fourth quarter of 2023.

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