320,000 Britons fell into poverty due to rising mortgage rates between 2021-2023, resulting in 1.4% higher poverty rates among mortgagors, according to IFS.
320,000 Britons were pushed into poverty due to soaring mortgage rates between December 2021 and December 2023, according to the Institute for Fiscal Studies (IFS). The average mortgage rate increased from 2.3% in 2022 to a 10th of households facing a rate of at least 4.7%, resulting in higher interest payments for many homeowners. This sharp increase in mortgage costs is expected to have driven up poverty rates among mortgagors by 1.4 percentage points.
July 24, 2024
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