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Rents rising at fastest rate for seven years

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.

A quarter of tenants surveyed in December said their rent had risen in the past six months, the Office for National Statistics (ONS) said.

Renters proportionally spend more on housing costs than owners do.

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