New largest annual growth recorded in November. Private rental prices paid by tenants in the UK increased by 4% in the 12 months to November 2022, according to the Office for National Statistics (ONS).

The expectation is that numbers will continue to fall gradually into 2023. UK inflation rose by 10.7% annually in November, easing from a four-decade high of 11.1% recorded in October.

Research also reveals they are making significant changes to their lifestyles to save money.

The Bank of England has unwrapped another unwelcome present of an interest rate rise just ten days before Christmas, inflicting fresh cost-of-living pain on borrowers.

The downbeat results of a survey by a finance company suggest that half of tenants are worried that they will be unable to afford their rent next year.

It’s a tale of two markets: while private rents have soared to record highs in the UK, making life precarious for tenants, the for-sale sector has slowed sharply and property values have started to fall, with sharper declines predicted for next year.

The average UK home was worth £285,579 as the annual rate of house price growth slowed from 8.2% in October to 4.7% last month, Halifax bank said.

LONDON (Reuters) - Sterling fell on Thursday against the U.S. dollar and euro as the Royal Institution of Chartered Surveyors said Britain saw in November the most widespread house price falls since early in the COVID-19 pandemic.