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They also predict house prices in the North will suffer the worst falls and people could be forced to give up pets as prices soar. It follows the Bank of England’s grim forecast of a UK recession before 2023 as it raised its base interest rate from 1.25 to a 13-year high of 1.75 percent.
Two million people with tracker or variable rate loans face eye-watering mortgage rises, as do people coming to the end of fixed-term deals.
Renters also face a “perfect storm” if landlords pass the increases onto them. Nathan Emerson, of Propertymark, the UK body for estate and lettings agents, said: “It will be low cost areas, it will be the areas where there are lower wages that will feel the pinch.”
He said people could face “hard” financial choices further down the line.
“The ticking time bomb, I think, will be where rises in inflation carry on and what happens with interest rates in the next two to three years,” he said.
“There are lifestyle choices people will make.
“I think they will include pets.”
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