Angela Rayner, Deputy Leader of the Labour Party, today criticised the current Government’s mishandling of the ongoing mortgage market volatility.
During Prime Minister’s Questions (PMQs), Rayner questioned the Tory Government’s mishandling of rising mortgage rates, saying: “Families are sick with worry over the cost of the Tory mortgage bombshell”.
In response, Deputy Prime Minister, Oliver Dowden (filling in for PM Rishi Sunak), said that the Tory Government continues to support the Bank of England and its decision to take the necessary steps in controlling inflation.
Rayner also highlighted the ongoing struggles in the rental market, as landlords continue to hike prices in order to keep up with rising repayment costs – thus resulting in an increasingly unaffordable rental market for tenants.
She also called on the Government to place a ban on ‘No-Fault’ evictions – the number of which has risen by over 116% this year alone.
Dowden defended the Government’s ongoing support for renters, citing the introduction of the Renters Reform Bill as positive steps in the right direction.
He also assured the Commons that Michael Gove, Secretary of State for Levelling Up, Housing and Communities, would do everything in his power to continue this support for the struggling buy-to-let market.
These comments come following the Bank of England’s recent decision to raise interest rates for a 13th consecutive time, and the subsequent turmoil in the mortgage market as a result, as swap rates continue to rise and home buyers struggle with affordability.
