Seven million households across the UK are struggling to keep up with their rent or mortgage payments, according to research published today by Which?
A poll of 4,000 people by the consumer watchdog found that around a quarter of private (27%) and social renters (25%) have had to use their savings to cover rent.
The survey also found that nearly half of mortgage holders said they are monitoring their finances and budget more (45%) and one in five (21%) are working more hours to afford their housing bills.
Half (52%) of households with a mortgage and more than half (55%) of social renters and private renters (56%) are feeling stressed daily compared to just three in 10 (28%) of households who own their homes outright.
‘We’d encourage anyone who’s struggling to seek free debt advice and reach out to their mortgage provider or landlord for help,’ said Rocio Concha, Which? director of Policy and Advocacy.
‘Banks and mortgage lenders must also ensure they are fully staffed and properly prepared to properly support customers getting in touch to remortgage or because they are struggling to make ends meet.’
Responding to the study, Cllr Pete Marland, chair of the Local Government Association’s (LGA) Resources Board, said: ‘This report is further evidence of the urgent need for local welfare funding to be put on a sustainable footing, so councils can both address immediate need and – crucially – help to move beyond emergency support to rebuild our residents’ financial wellbeing and resilience.’
