Richard Pike, Phoebus Software sales and marketing director, said:

“The headline figure from the ONS today is one that is no surprise to anyone.  We can all see how much prices are rising, almost at every turn.  When you drill down and see the effect housing and household services is having on the overall CPIH figures, which mainly is driven by the increasing price of electricity and gas since the cap was changed in April, you can see how this is hitting everyone right in the pocket.

“When it comes to affordability there is one thing that people can fix the price of, and that’s a mortgage.  In a world when inflation is spiralling it makes sense to fix now and at least know there is one bill each month that will not be going up.  This does mean that lenders will be under pressure to provide the longer-term fixes people are looking for, whilst also looking out for more vulnerable borrowers.”