"The boom in the housing market that has taken place in the UK during the lockdown is set to push household expenditures higher as mortgage interest rates are set to rise.

This will be a new phenomenon for those who have entered the market over the past ten years or so who have had the luxury of both low interest rates and lenders competing to attract borrowers with fixed rate products.

The next five to ten years are likely to see a turnaround, with banks and building societies being obliged to scrutinize applications from an affordability perspective in a market which is likely to have topped out.

The boom in the housing market that has taken place in the UK during the lockdown is set to push household expenditures higher as mortgage interest rates are set to rise.

While this will be a relatively slow process, there it will have a significant long-term effect on the housing market, although a scarcity of stock will probably go some way to providing a balance.

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