The interest rate hasn't even gotten to 1% yet and these things take time to filter through to the market. And it is worth pointing out that as you can see from the link below the UK has had rates at less than 1% since the GFC.
Sure, we've had sub 1% zero rates since 2009, but over that 13 years the cost of housing has tripled. Even going to 2% over a couple of years could be devastating to home equity when people are so leveraged.
https://www.propertyinvestmentproject.co.uk/property-statist...
I have no idea where interest rates are going to end up however I wouldn't assume that the relevant reference point is late 2019 to now.