The United Kingdom of Great Britain and Northern Ireland

Tenants in properties owned by private landlords have faced the highest rise in rent since comparable records began seven years ago, official data shows. Rents rose 4% last year as landlords, who face their own squeeze from higher mortgage rates, passed on those costs. Myron Jobson, senior personal finance analyst at Interactive Investor, said: "Higher rents have been accompanied by higher energy bills which continues to squeeze budgets.

"It is a tricky situation if you are looking for a new tenancy. Many renters could decide to remain in existing tenancy agreements with fixed rents, rather than risk a move and spend more on rent." The impact of higher mortgage rates is not only hitting those who are re-mortgaging, but also the prospects of first-time buyers. "We're holding off to see if the rates go down and we're going to rent instead.

"I don't want to just survive, I want to live as well."