Tory Yorkshire seats see highest mortgage hikes in the region

Analysis by the Labour Party has found that households are facing mortgage rises of up to £13,000 in some constituencies in the UK.

In Yorkshire the largest increases are seen in Tory seats, rising by an average of over £2,030, compared to £1,660 in Labour seats.

Sheffield Hallam and York Outer saw the highest increases in the county, all higher than the £2,800 average for England.

It comes as the latest polling showed that Labour continues to have a more than 20 point lead over the Conservatives.

A monthly analysis of opinion polls by Electoral Calculus said Labour could expect to see a majority of 250 seats if the next election were to be held today.

Rachel Reeves, Labour’s Shadow Chancellor will visit an estate agents in London this afternoon, where the cost of a typical mortgage will go up by £7,490 a year.

This week, the IMF chief economist singled out higher mortgage rates as a reason for Britain’s poor performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023.

Ms Reeves said: “The Tory mortgage penalty is devastating for family finances and is holding back our economy.

“The country is buckling under 13 years of Conservative mismanagement, and it’s families being asked to pay more on their mortgage once again.

“People are asking themselves whether they or their family are better off under the Tories. The answer is no.

“By stabilising the economy, making it stronger and getting it growing, Labour will stop us lurching from crisis to crisis, and make Britain thrive again.”

Some 2.3 million UK households missed an essential payment last month, up from 1.9 million in December, figures suggest.

However the figure for January – when missed payments for mortgage, rent, loans, credit cards and other bills typically peak – is similar to those from the past two years, according to the Which? Consumer Insight Tracker.

The monthly poll of approximately 2,000 people found that six in 10 made at least one financial adjustment such as cutting back on essentials, selling items, or dipping into savings in the last month to cover essential spending – a significant increase on the 49 per cent last January.

However it is lower than the peak of 65% who made adjustments in September.