ONS: UK Sees Cost of Renting Properties Rise by 1%

The cost of renting in the UK has risen by 1% in the past year, according to official figures from the Office for National Statistics (ONS).

London led the way in rising rent as the cost of leasing a flat in the capital rose by 1.5%.

Scotland saw the second-biggest rise in the UK with its rent increasing by 1.4% over the past 12 months.

The slowest riser came in Wales, where rent increased by 0.2% in the year leading to September, followed by north-west England, where it was up by 0.2%.

However, the rise is slower than the seemingly ever increasing cost of living as the housing market begins to show signs of cooling down.

Recent figures also suggest a house-price crash could be imminent. According to the latest First Time Buyer Tracker from Your Move and Reeds Rains, the average first-time-buyer deposit fell 8% year-on-year to £26,134, despite purchase prices still rising.

This means first-time buyers own relatively little of their property and have a lot more debt owed to the mortgage lenders.

The research shows the average first-time-buyer deposit represents 67.6% of their annual income.