High-rise mortgage costs see surge in rents across the UK

House prices may be falling as interest rates climb, but there's no respite for tenants as property shortages bite

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 latest house price index from Nationwide, Britain's biggest building society, along with Bank of England mortgage lending data due this week, should shed further light on the severity of the UK's housing slowdown.