The average buyer would have to pay an extra £1,020 a year even if house prices dropped by 5pc with Bank Rate at 2pc, Hamptons found. In London, the increase would be £1,908.

First-time buyers, who purchase cheaper properties but have smaller deposits and therefore already pay higher rates, would have to pay an additional £1,284 every year despite a 5pc drop in property prices.

Analysts expect the housing market to slow this year, but most have still forecast some price growth. If house prices rise by 5pc in 2022, as forecast by Capital Economics, and the Bank Rate rises to 2pc, monthly mortgage costs on an average home would jump by £165. This would cost the average homeowner an extra £1,980 a year.

The rise in mortgage costs will hit buyer demand and purchasing power. Lucian Cook of Savills estate agents said: “It is likely to act as a drag on the size of the mortgage buyers can secure from their lenders.” House price growth will slow this year, he predicted.