Existing homeowners will also be shielded from hikes because they have gained equity. A buyer who purchased in 2016 has increased their equity from £21,780 to £83,060, whereas first-time buyers are simply more priced out. This means they have the opportunity to remortgage at a lower loan-to-value, which typically have much cheaper rates.

David Fell, of Hamptons, said that mortgage stress tests mean that anyone who has taken out a mortgage since 2014 should be able to afford to pay higher mortgage rates. But in turn these stress tests could further accentuate the squeeze on affordability for new buyers because they will magnify any increase.

“The question is, as rates creep up, will lenders start to stress test against rates of more than 5pc to 5.5pc? If they do, this will undoubtedly make it more difficult for newer first-time buyers,” said Mr Fell.