As UK housing costs soar, anxiety grips homeowners and renters: 'I'm in meltdown'

For millions in the U.K., the cost-of-living crisis just never seems to ease. First, it was skyrocketing energy and food costs stemming from Russia’s invasion of Ukraine. Now, it's soaring housing costs as interest rates spike to 15-year highs. Those rates have risen to 5% after being under 1% for the past decade. That has ratcheted up mortgages and rents in Britain. Around a million households are expected to face a 500-pound, or $655, monthly increase in their average mortgage repayments in the next few years. More rate hikes are expected as the Bank of England tries to bring down the highest inflation in the Group of Seven major economies.