Martin Lewis had his head in his hands on ITV's Good Morning Britain on Monday (Oct 10) as he discussed the potential rise in rents caused by the mortgage crisis. He was answering questions from concerned viewers as he hosted alongside Susanna Reid.
Homeowners have been increasingly concerned about rises in mortgage rates in recent weeks after the Government's mini budget sent to markets into turmoil. There are predictions that the Bank of England could raise interest rates as high as six per cent.
But it isn't just those who own homes who are worried, renters also worry that the costs of their landlords' rising mortgages will be passed onto them. Martin responded to several questions about this issue on the ITV breakfast show, as reported by Manchester Evening News.
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Susanna read out a question from a concerned viewer called Sean, who asked: " If mortgages are going up, what does that mean for people who pay for their properties? Are rents going to go up too?"
At the mention of the word 'rent', Martin put his head in his hands, apparently concerned for the situation tenants are likely to find themselves in. He said: "Probably. You would assume that many people who own properties have mortgages on them so their costs are going up and they will want to pass them onto consumers.
"You can also assume that less people may be buying which will put more people into the rental market."
The Money Saving Expert then added: "On the other hand, we have a cost of living crisis where people have less money so they may be willing to pay less for rents which could drive prices down.
"I'd probably go with the first option as most prices are going up so renting prices are likely to go up but we are not in a period of certainty at the moment."
Good Morning Britain viewers took to Twitter to respond to Martin's prediction, with many saying they are already seeing their rents rise. @Rachelbyrne86 tweeted : "My council wrote to say they potentially will be raising my rent in line with inflation plus 1%, a total of 12%."
@RebeccaWebber89 added: "Rent has already gone up its not just a case of eat or heat its also how do you eat or heat when you can't afford the rent to keep the roof over your head, unfortunately this is now the case for a lot of families disabled carers etc something needs to be done to help."
And @Whgenie tweeted: "Keep up... rents have been rising drastically for the last 6 months."
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