Rents rise at fastest rate in seven years

Latest Office for National Statistics (ONS) figures shows that tenants renting from private landlords have seen the highest rise in rents since comparable records began seven years ago.

Rents rose 4% last year as landlords passed on the costs of higher mortgage rates. A poll of tenants surveyed in December saw a quarter say their rent had risen in the past six months.

On average, renters pay 24% of their weekly expenditure on housing compared with 16% by those with a mortgage.