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Evening Standard
Evening Standard
Business
Meghann Murdock

Interest rates rise: latest hike to 2.25 per cent will see £1,500 added to London first-time buyer mortgage payments

London Interest Rates Bank of England Monetary Policy Rightmove

The average asking price of a typical first-time buyer home in the capital is now £501,384

(Picture: Matt Writtle)

London first-time buyers will see £1,512 a year added to their mortgage repayments following the 0.5 rise to the base rate announced by the Bank of England today.

The latest increase is the seventh consecutive rise unveiled by the Monetary Policy Committee (MPC), taking the base rate to the highest level since the financial crisis.

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