The annual decline in UK house prices slowed to 0.2% in February, marking its lowest rate of decrease in eight months, according to the Office for National Statistics.

At the same time, rent inflation surged to a record high.

The average house price in February stood at £281,000, with the year-on-year decline moderating from -1.3% in the 12 months to January.

House prices in England fell by 1.1% year-on-year to £298,000, and in Wales, they declined by 1.2% to £211,000, while Scotland saw a 5.6% increase compared to last year, reaching £188,000.

Meanwhile, rent hikes hit a record high in March, rising 9.2% year-on-year on average, up from 9% in the 12 months to February, marking the highest annual percentage change since records began in 2015.

Average private rents reached £1,285 in England, with the highest rent inflation seen in London at 11.2%, and the lowest in the North East at 6.1%.

Additionally, rents increased 9% in Wales, reaching £727, and surged 10.5% in Scotland, reaching £947.