Homeowners could face mortgage hikes of up to £14,000 a year as they come off low fixed-rate deals, adding to the squeeze on living standards, Labour has said. Analysis by the party shows predicted annual increases in costs for a median house purchase at 80% mortgage in every constituency in the UK.
London seats top the ranking, with the highest rises expected in Kensington, where costs are set to soar by £13,980. The cities of London and Westminster, and then Chelsea and Fulham come next, with possible rises of £11,730 and £11,480 respectively.
Richmond Park could see mortgages go up by £9,040, Hampstead and Kilburn by £8,740 and Westminster North by £8,450, according to the analysis. Further down the list, Sheffield Hallam is predicted to see mortgages rise by £3,080, North East Derbyshire by £2,070, and Plymouth, Sutton and Devonport by £1,850.
