Labour has accused the Conservatives and SNP of having “no long-term plan to support homeowners” after new analysis revealed more than 60,000 properties are at higher risk of repossession as a result of soaring mortgage costs.

Scottish Labour has accused the Conservative UK Government of causing a “housing crisis” by its lack of action to support households during the cost-of-living crisis.

The Bank of England has warned that the number of people likely to struggle with debt repayments is rising, sparking fears of a potential wave of repossessions.

Read more: The rising cost of UK mortgage repayments explained

Scottish Labour’s analysis of their projections suggests that by the end of the year, around 61,410 Scottish households will be facing difficulties with debt repayment, putting them at higher risk of repossession.

This figure is based on Bank of England forecasts from before the interest rate rise last Thursday and comes just weeks after analysis revealed that 546,600 households in Scotland could be paying an average of £190 more a month on their mortgages next year – with costs now set to rise further still.

Scottish Labour has labelled these latest figures “damning” and called on both of Scotland’s governments to do more to support those at risk of repossession.

In contrast to both the Tories and the SNP, Labour claims it has set out plans to ease the pain of soaring mortgage rates and help those facing repossession.

Read more: Half mortgage payers worried about losing home as average rate soars

The party’s plan includes a UK-wide pledge to make mortgage support measures mandatory and Scottish Labour plans to revamp the Mortgage to Shared Equity scheme to expand eligibility and give maximum support to avoid repossession wherever possible.

Scottish Labour housing spokesperson, Mark Griffin, said: “The stress and anxiety facing many homeowners in Scotland right now is palpable, but the disastrous response from government has left them with nowhere to turn.

“While people are seeing their monthly mortgage payments soar beyond belief, both the Tories and the SNP are missing in action and have no long-term plan to support homeowners.

“We cannot afford to simply stand on the side lines and let people weather this storm alone. Only Labour has a real plan to support people through this crisis by forcing banks to provide support for those at risk of repossession, and by revamping the Mortgage to Shared Equity Scheme in Scotland.”

Prime Minister Rishi Sunak, who is on holiday in California, admitted “a lot of people are worried” about the rise in interest rates.

Read more: Mortgage costs: More Scots falling behind on repayments

He tweeted: “The alternative would make inflation far worse, so what you buy becomes more expensive and what you save, worth less.”

In a video he posted on Twitter, he described inflation as “the single biggest challenge” facing the country and said halving it was his top priority this year.

Chancellor Jeremy Hunt said the plan to bring down inflation is working and needs to be continued.

He told Sky News: “If we stick to the plan, the bank forecasts inflation will be below 3% in a year’s time without the economy falling into a recession.

“But that doesn’t mean it’s easy for families facing higher mortgage bills so we will continue to do what we can to help households.

“The plan is working, but what we have to do as a government is that we stick to that plan, we don’t veer around like a shopping trolley.”

A Treasury spokesperson said: “We know that rising prices are worrying for households across the country, which is why halving inflation this year and getting back to the 2% target is our priority.

“We are supporting people through these difficult times with one of the largest cost-of-living packages in Europe, worth £3,300 on average per household over this year and last, while taking millions out of paying income tax, boosting pay with the largest-ever cash increase to the National Minimum Wage and helping those struggling with mortgage costs through our new Mortgage Charter.”