There is a concern that many househ

There is a concern that many households are not calculating for an interest rate rise from the record low of 0.5 per cent, where the rate has been since 2009. While Mark Carney, the governor of the Bank of England, reiterated his message on Wednesday that any increase would be gradual, he said that it was not a promise.
After the Bank released its quarterly Inflation Report on Wednesday, the markets pushed back their expectations for the first rise from November to February, but there are some economists who believe that it could happen before Christmas.
The repossession numbers came as the Resolution Foundation, a think tank, warned that close to 1.6 million households are spending more than half their disposable income on the costs of housing each month.
The so-called housing-pinched households are more likely to rent privately, be young, live alone, live in one-bedroom properties, have recently moved and live in London, according to its research.
A separate report from LSL Services will show today that annual rent rises in England and Wales increased to 2 per cent in July, above inflation, which is running at 1.9 per cent.