The average cost of rent in the UK soared by 9.2% in the 12 months leading up to February this year, marking the highest yearly surge since records began in 2015.

According to the Office for National Statistics (ONS), the average private rent in Great Britain reached £1,246 in March, representing a £104 increase compared to the previous year.

Unsurprisingly, Kensington and Chelsea maintained its position as the most expensive postcode in the country, with average rents reaching £3,305 in March. Beyond London, Bristol emerged as the city with the highest rents, averaging at £1,748.

In Wales, tenants experienced a 9% rise in rents, reaching an average of £727 in March, while Scotland witnessed a 10.5% surge, with rents hitting £947 during the same period.

Though data for Northern Ireland only extends up to January, it revealed a substantial 10.1% increase in rents.

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

Further analysis by the ONS indicated that households paid more for detached properties (£1,446) compared to flats or maisonettes, which were the more affordable option at £1,912.

In contrast to the rental market, average house prices across the UK experienced a slight dip of 0.2% in the 12 months leading up to February. This deceleration comes after a more significant 1.3% decrease in the 12 months prior to January.

The average house price across the UK stood at £281,000 during the same period. While England and Wales witnessed a decline in average house prices, with figures dropping to £298,000 and £211,000 respectively, Scotland saw a notable increase to £188,000, marking a 5.6% rise. Meanwhile, in Northern Ireland, average house prices saw a 1.4% increase to £178,000 in the year leading up to the fourth quarter of 2023.