Spotlight 1: The Impact of Rising Interest Rates on Housing Costs

Max Mosley and Rosen Chowdhury ()

National Institute UK Economic Outlook, 2023, issue 11, 53-59

Abstract: How have fast-rising interest rates affected housing costs across the United Kingdom? What has been the effect on housing costs arising from uncertainty not only about the path of monetary policy but also lending conditions and mortgage providers withdrawing a range of mortgage products? With interest rates forecast to rise to 5.5 per cent, we explore what the short– and long-term implications are for mortgage holders, and whether we can observe any pass-through impact on renters.

Date: 2023
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