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.

The Government has officially watered-down proposals for mandatory local housebuilding targets as it brings its flagship Levelling Up and Regeneration Bill back to the House of Parliament today.

Homeowners are having to settle for offers below their asking price as the UK housing market continues to slump.

Soaring rents have in effect made life unaffordable for private tenants across swathes of the UK, according to research undertaken for the Guardian.