Mortgage woes saw voters turn against the Tories

Figures show Conservative voters have lost confidence in Rishi Sunak’s party’s ability to manage the housing market ahead of the election.

Analysis of the results shows the Conservatives are receiving less support from Labour and the Liberal Democrats in the seats with the most mortgage holders.

This came despite inflation falling to the 2 percent target and interest rate cuts expected this summer.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said mortgage holders were “not convinced” Sunak’s plan to restore the economy would work.

The Bank of England began raising interest rates in late 2021 to get rising prices under control.

But the mini-budget presented by Liz Truss – who has since lost her seat – saw borrowing costs rise in September 2022.

Interest rates remain at a 16-year high of 5.25 percent, adding to financial pressure.

Tom Selby, director of public policy at AJ Bell, said: ‘Given the crippling rise in interest rates, it is no surprise that many are taking out their frustration on the Conservatives.

‘You could argue that interest rates would have risen anyway, but for many people that economic recklessness would have been enough to change their voting behaviour.’

In 2019, the Conservatives won in the 30 constituencies with the highest number of mortgage holders.

Last week they lost more than half their votes as Labour took power in 12 constituencies, including the flagship district of Dartford.

And the Lib Dems won six of the seats, including Wokingham – previously held by Conservative great John Redwood since 1987.

The Tories managed to retain 12 seats, including Old Bexley, Reigate and Croydon South.

Sarah Coles said: ‘Rising mortgage rates have taken a terrible toll.

‘Inflation may have fallen, but that won’t make much difference to someone struggling with the extra monthly costs of switching from a mortgage of less than 2 percent to one of almost 6 percent.

“It wouldn’t be a big surprise if they weren’t convinced the plan was working and decided they wanted change.”