London rents hit highest ever monthly average

Posted on Monday, June 5, 2023

The cost of remortgaging your home has gone up by a staggering 38% since the 2019 general election, research commissioned by the Liberal Democrats has revealed.

The House of Commons Library research shows that some who remortgaged in March 2023 will be paying an average of £1,305 a month, up £350 compared to December 2019.

Sarah Olney, Liberal Democrat Treasury spokesperson, said: “Families are seeing their mortgage bills skyrocket as a result of the Conservative Party’s mismanagement of the economy.

“The hard-working middle are already facing the highest tax burden in 70 years, now they are facing yet another mortgage hammer blow.

“Instead of helping, Conservative ministers are making this crisis even worse with all their chaos and incompetence.

“It’s no wonder so many former lifelong Conservative voters feel this government no longer speaks for them.”

The figures are even more stark for London, where someone who remortgaged in March could expect to be paying £2,187 a month, up £615 since the last election. In the South East, monthly payments for those remortgaging have soared by £448 to £1,599 a month.

By contrast, homeowners in Yorkshire have seen the cost of remortgaging go up by £211 a month, an increase of 28% since the last election.

The analysis is based on estimated monthly mortgage payments for people who remortgaged in March 2023, using data from the trade body UK Finance.

The Liberal Democrats are calling for a Mortgage Protection Fund, to provide temporary grants for those most at risk of losing their homes due to soaring mortgage costs.

Via @PropertyWire