Mortgage payments in the UK have surged by 60% since 2021, with the average buyer having to find an extra 4,320 a year to cover the increased annual mortgage payment.
Higher mortgage rates have impacted southern England the most, with London seeing a jump from 15,000 to 23,000 in annual repayments since 2021.
Market turmoil post Liz Truss's mini-budget led to mortgage rates spiking above 6%, with a forecast for Bank of England rate cuts pushed to June 2022 or later.
Executive director of research at Zoopla, Richard Donnell, highlighted a 50-70% rise in mortgage repayments regionally, with two-thirds attributable to higher rates and a third to increased house prices.
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