“It will cause more misery to millions of homeowners and tenants, who often see rents rise in line with the cost of their landlord’s mortgage.”

Commenting on the decision of the Bank of England to increase rates to 4.5%, Jonathan Rolande, spokesman for the National Association of Property Buyers, said:

“The rise today is very disappointing. The Bank of England has very limited tools to combat the inflation that is making life so difficult, raising interest rates is one of them.

“Housing costs such as mortgages and rents have rocketed in the last two years – up 26% on average. The rise in rates may help to control these increases eventually but in the short term, it will cause more misery to millions of homeowners and tenants, who often see rents rise in line with the cost of their landlord’s mortgage.

This is the 12th increase in a row and is one that could potentially snuff out the mini-recovery that has begun this spring. We must hope there isn't a 13th.”