Resi rents rise at record rates

Residential rents in the UK rose at a record rate last month. Tenants in London faced an even greater increase, as higher borrowing costs and a shortage of properties pushed up prices. Private property rental prices across the country rose by 4.8% in the 12 months to April, according to the Office for National Statistics. It was the biggest increase since the national data series began in 2016. Renters in the capital faced an even bigger increase of 5%, the highest rate since November 2012. “The rapid growth within UK rental prices shows no sign of abating”, said Aimee North, head of housing market indices at the ONS. The FT (£)