New analysis from Bracknell Labour reveals how local households are set to be put under more pressure than ever by Conservative mismanagement of the economy. Average mortgages are predicted to rise in Bracknell by a staggering £3,650 a year. Across the country mortgage hikes range from annual increases of £1,000 to £13,000:
It follows the Bank of England warning in December that around half of households with a mortgage, a total of 4 million, will be exposed to rate rises this year, and Bloomberg reporting that around 800,000 will see their mortgage rates double.
Meanwhile Labour in Bracknell is helping through community actions such as “Warm Hubs” and “Foodbanks”, and by running regular surgeries where we can help individuals challenged by the dramatic rises in living costs.
Nationally, by stabilising the economy, making it stronger and getting it growing, Labour can stop us lurching from crisis to crisis, and make Britain thrive again.”
- The calculations are based on estimates of the proportion of households in each constituency who own their home with a mortgage or loan. This was requested from the House of Commons Library using 2021 census data.
- This was combined with data sourced from Nomisweb.co.uk using the Annual Population Survey for 2021 on the number of households who live in each constituency overall.
- Using house price data from the House of Commons Library, the analysis assumes an 80% loan to value ratio and compares how much would be paid at an interest rate of 3.95% and how much would be paid at 5.75%. https://commonslibrary.parliament.uk/constituency-data-house-prices/