"The impact of this will be felt far and wide"

Jatin Ondhia, CEO at Shojin:

“Rate-setters have delivered yet another blow today in their relentless battle against inflation, which continues to overpower the Bank of England's fiscal policy.

“Higher borrowing costs will continue to squeeze homeowners and property investors, which in turn will lead to more BTL investors exiting the market and increase rental costs due to a dwindling supply of property.

“The impact of this will be felt far and wide; renters in high-demand areas like London are already spending 40%-50% of their salary on rent.

“We can only hope that inflation starts to settle soon, but I expect more pain before relief comes.

“The past decade of ultra-low interest rates and cheap borrowing is well and truly over, and we are seeing a return to more 'normal' rates, which all borrowers have to get used to.”