Experiencing high ping spikes

Hi,

I'm currently a Virgin Media internet subscriber to a package with speeds of 1000mbps down and 50mbps up. In terms of speeds, my internet has been perfect since first getting it.

However, over the last few months my internet has degraded when playing multiplayer games. When playing titles like Call of Duty: Modern Warfare II, Rocket League, and even Forza Horizon 5, ping previously was consistently around 20ms-30ms depending on servers etc. Now, my ping can randomly spike: sometimes as low as 40-50ms, sometimes as high as 800-900ms. Its getting to the point where multiplayer games are unplayable.

I'm of the belief that its oversubscription but I'm hoping that its a router problem and that it can be fixed by purchasing a better router, but I don't want to make that investment until I know.

Any help is appreciated!