UK rents increase at fastest pace for 7 years

Annual rental prices rose 5 per cent in May, the highest rate for seven years, putting UK renters under further financial strain as the cost of living crisis deepens, new data showed.

Rent rises were most acute in London where they grew 5.1 per cent, according to the Office for National Statistics on Wednesday, with soaring mortgage costs darkening the property market outlook.

Higher mortgage costs are already weighing heavily on…