Prime Minister Rishi Sunak told Sunday with Laura Kuenssberg that “we’ve got to hold our nerve” over rising interest rates
Mortgage swap rates have gone up as a result and the average interest rate for a two-year fixed rate mortgage is now at 6.23 per cent, according to MoneyFacts. The Bank of England knows this, by the way. They also know that they could trigger a recession. It’s not that they don’t care, the issue is that it’s just not their job to worry about what their rate hikes mean for the housing market or for people’s mortgages.
It will be interesting to see our politicians respond to a housing market downturn in the run up to a general election.
The Local Housing Allowance has remained frozen at 2019/2020 levels since 2020 even though private rents have hit historic highs since then.housing benefit black hole