Data shows Kenilworth households are paying £3,900 more on mortgages annually

By James Smith

22nd Jun 2023 | Local News

Data shows over 9.900 homes in Kenilworth and Southam have been hit by rising mortgage payments (image by James Smith)
Data shows over 9.900 homes in Kenilworth and Southam have been hit by rising mortgage payments (image by James Smith)

Homeowners in Kenilworth and Southam are paying £3,900 more per year on average for their mortgages, figures released by the Labour Party have shown.

The news comes as consumer magazine Which? showed that in April 2023, over 700,000 UK households missed or defaulted on a rent or mortgage payment.

Labour said the data shows households are being hit with a "Tory mortgage premium" with interest rates looking set to rise for the 13th time.

The party's analysis suggests the average homeowner, who renewed their mortgage since the Conservatives' mini-budget conceived by Liz Truss and Kwasi Kwarteng in September 2022, is now spending an extra £150 every week.

In Kenilworth and Southam alone, statistics showed that 9.900 households have been affected with an average increase in mortgage payments of £3,400.

Labour MP Matt Western has called on the Government to do more to support households (image supplied)

And according to the Office for National Statistics, mortgage repayments are now up 61 per cent for the average semi-detached home in the UK.

On the soaring costs, local MP Matt Western said: "The Tory mortgage premium that homeowners are having to pay is yet another huge cost to add the ever-growing list.

"Whether it be mortgage or rent payments, food bills or energy bills, the dreadful impact of the failed mini-budget and the cost-of-living crisis is continuing to bite and is hurting local people and families."

Campaigners have called for the Prime Minister to take action to support homeowners as they warned a huge bill could hit families as more than 2.4 million fixed-rate deals are due to expire by the end of 2024-5.

The Prime Minister has ruled out extra support for homeowners saying the Government will "stick to the plan" to halve inflation to address the cost-of-living.

     

New kenilworth Jobs Section Launched!!
Vacancies updated hourly!!
Click here: kenilworth jobs

Share:

Related Articles

Lidl wanted to build a new supermarket on the eastern side of Kenilworth Road (image via Lidl)
Local News

Plans for new Lidl supermarket refused over impact on green belt

Kenilworth Town Council wants to improve pedestrian access to Kenilworth Castle (image by Richard Smith)
Local News

£25k spend agreed as council presses forward with possible pedestrian crossing to Kenilworth Castle

Sign-Up for our FREE Newsletter

We want to provide kenilworth with more and more clickbait-free local news.
To do that, we need a loyal newsletter following.
Help us survive and sign up to our FREE weekly newsletter.

Already subscribed? Thank you. Just press X or click here.
We won't pass your details on to anyone else.
By clicking the Subscribe button you agree to our Privacy Policy.