The cost of a mortgage on a first home is typically around £42 per month cheaper than renting, but the difference has reduced and in some parts of the UK renting may be the less expensive option, analysis suggests.

On the back of the interest rate hike, landlords are calling for the reintroduction of mortgage interest relief in full and for housing benefit rates to be unlocked.

Bank of England raises base rate by 0.5% to 5%, despite worries that a higher rate will damage the property market, the BoE believes getting inflation under control is more important.

Estate agents and sellers are listing properties at far higher prices than what homes are actually selling for, data from Rightmove and BestAgent has revealed.

Rents are rising off the back of a lack of properties to let, which is forcing many would-be renters to stay in their family homes

Following HSBC’s surprise decision to withdraw all its mortgage deals for new customers late last week, ahead of yet another hike in interest rates, several other lenders have followed suit.

The Bank of England is not yet done with rate rises as it battles inflation running at more than four times its target but the economy is still unlikely to fall into recession, a Reuters poll of economists found.

A trade body has criticised the various UK governments for “rushing blindly” into poorly-constructed regulation of short lets.