UK rental costs rise at record pace

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UK rental costs rose at a record pace in February, while house prices stabilised, according to official data.

The average UK private rent increased by 9 per cent in the 12 months to February 2024, up from 8.5 per cent in January. It is the highest annual percentage change since the data series began in January 2015, according to the Office for National Statistics on Wednesday.

House prices declined 0.6 per cent in the year to January, a smaller decrease than the 2.2 per cent recorded the previous month and the smallest fall since August 2023.

This is a developing story.