Renters have been facing rising costs since 2022, according to data from the Office for National Statistics (ONS).
In a preliminary estimate, it showed an increase of 9% over the course of the year ending in February, surpassing the 8.5% annual rate observed in January.
According to the ONS, the average price of a home in the UK fell by 0.6% to £282,000 in the year ending in January, with the rate of drop slowing down.
Matt Corder, deputy director of pricing at ONS, stated: “Rent prices were greatest in Kensington & Chelsea and lowest in Dumfries & Galloway, with Brent experiencing the largest annual rental rise of all local areas and Melton the lowest.
Although at a slower annual rate than in recent times, the average price of a house in the UK kept declining.
“Indeed, Scotland’s average house prices rose at their fastest annual rate for more than a year.”
The rate of rent increases is significantly greater than inflation, at 9%.
