For homeowners borrowing £250,000, a 0.5 percent rise means an extra £72 a month in costs.

Those with £400,000 of borrowing will see their mortgage payments increase to an extra £115 a month or £1,380 a year.

The latter figure is based on the current mortgage rate of 4.5 percent, on a repayment with a 25-year term.

The finance expert highlighted that the property market is becoming even more “unafforable” due to the constant rate hikes.