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Story summary
- Zoopla says higher mortgage rates are driving UK rents upward.
- The firm forecasts private-rental annual growth of 4%-5% by year-end.
- Average rent for new tenancies rose 2.6% in July to £1,340 per month.
- Rental demand rose as higher borrowing costs keep first-time buyers out of the market.
- Zoopla’s Richard Donnell says investment is needed to expand rental supply, especially in London.