Amid the ongoing cost of living crisis, last week saw interest rates rise for the seventh time in a row with the Bank of England's benchmark rate at its highest level for 14 years.

The news comes as analysis conducted by property lending specialists, Octane Capital, reveals the average cost of a mortgage has climbed by as much as 34% since the first interest rate increase in December of last year.

With rates now standing at 2.25%, the decision from the Bank of England to raise them by half a percentage point has left mortgage experts pondering the impact this will have on homeowners and potential buyers.

"Anyone on a fixed rate won't see a difference to their mortgage rate because it's fixed," said mortgage expert at Suffolk Building Society, Joanne Leek.

"However, people on a base rate tracker will naturally see a change because their interest rate tracks the Bank of England base rate.

"Then there is a variable rate which behaves slightly differently because it doesn't track the Bank of England base rate, but it can be influenced by it.

"So it doesn't mean anyone on a variable rate will automatically see an increase on their base rate change but it is up to their lender to then decide what their action is."

In a bid to help prospective purchasers and first-time buyers, the government announced a permanent stamp duty cut on Friday that will mean no tax will be paid on properties up to the value of £250,000.

"It's tough for first-time buyers at the moment," said Mrs Leek.

"Even with this cut to stamp duty, it doesn't seem to be getting much easier for them.

"We've got a rising interest rate environment, increased house prices and the cost of living crisis.

"Any support for homebuyers is welcome. But it needs to be carefully considered whether this is a short term measure or if it will improve the market in the long term."

For those looking to make the jump onto the property ladder, Mrs Leek said it is crucial potential buyers look at everything practically.

"You can't predict the future," she said.

"No one can say whether now is the right time to buy a house or not. It just needs to be a practical decision. Have they found the right property? Is it affordable? Does it meet their requirements? Will they be able to cope with any increases in household bills in the future?

"People should speak to an independent mortgage intermediary who will be able to help get something that fits their individual circumstances.

"It's just about looking at everything sensibly."