The constituency of Mid Bedfordshire, currently represented by MP Nadine Dorries who has pledged to step down, has the third-highest percentage of mortgage holders in the country at 41.5 percent.
Following closely behind is Selby and Ainsty in Yorkshire, which is set to hold a by-election on July 20 after the resignation of Nigel Adams, with a mortgage holder proportion of 37 percent.
Traditionally considered safe Tory seats, party insiders are concerned that these constituencies will now be lost due to the ongoing crisis.
The research conducted by the Resolution Foundation further highlights that the impact of the mortgage bomb is felt most severely in seats located in the affluent areas known as the Blue Wall.
Cara Pacitti, a senior economist at the think-tank, cautioned that the current mortgage crunch will have a more severe and concentrated effect compared to past crises in the 1980s and 1990s.
The skyrocketing house prices have amplified the financial strain on homeowners. Pacitti added, “There are currently just over 7 million mortgage households across Britain, and they are especially concentrated in southern, relatively wealthy areas outside of the big cities, like Wokingham and Mid-Bedfordshire.
In these areas, around two-in-five constituents have a mortgage and will face a significant income setback when they come to renewing their deals.
The mortgage crisis in these regions poses a considerable headache for the government in the next election if homeowners blame them for soaring bills.”
Expressing concerns about the situation, a senior Tory admitted, “Things are very bleak. These interest rates are a catastrophe. I believe the election is already lost, and the only question remaining is the extent of the loss – how much ground will we concede?”
A close ally of Rishi Sunak, the Chancellor of the Exchequer, echoed the sentiment, saying, “We just can’t seem to catch a break at the moment. It’s one thing after another.”
In addition to the mortgage crisis, Rishi Sunak also faces by-elections in Uxbridge, Boris Johnson’s former constituency in west London, and Somerton and Frome in Somerset following the resignation of disgraced Tory David Warburton.
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