The OBR said the average interest rate on mortgages was expected to rise from 4.1% this year to 4.5% on average each year from 2027 to 2030.
Competition between mortgage lenders for first-time buyers has intensified this year, as they offer bigger loans in comparison with people’s income and require smaller deposits.
In turn, that has eased some of the pressure on the cost of renting.
However, that has come after rents for new tenancies soared since 2020. Our interactive graphic shows where the £1,000 a month rental zone has extended, principally from London. The average rent figures do not account for inflation.
Use the tool, using data from property portal Zoopla, to see how the cost of privately rented homes has risen in your council area in England, Scotland and Wales.
