Several London commuters expressed concern that higher interest rates could prolong the cost of living crisis, with housing of particular concern.
In the financial district of Canary Wharf, Tunde, 38, said his mortgage would be renewed next year. “I hope [the interest rate] drops. If it starts to decline, it will be at the end of next year, but that seems to take a long time.”
James, 44, believed interest rates had reached a “peak” and the Bank of England would remain at 5.25 percent. “It is high and it was a shock, but it will not get worse.”
However, some tenants said they feared landlords’ costs would continue to trickle down to them. Imogen, 26, said: “Everyone’s rents are still going up.” While Annabel, 27, said she is considering leaving London due to rising rents. “Things are just so expensive.”