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.”