UK rental prices surged by 8.6% in the year to July, maintaining near-record growth as rising interest rates and limited housing availability weigh on tenants. London saw the highest rent inflation at 9.7%, pushing average rents in the capital to £2,114. House price growth remained flat at 2.7% annually, with the average UK house costing £288,000. The rental market continues to suffer from supply shortages and landlords passing on higher mortgage costs to tenants. Despite some pressure relief from lower mortgage rates, housing affordability remains a significant issue.