Money Wellness
Image of a key in a door and the key ring has a little house on it
category iconcost of living
calendar icon08 Sep 2023

Worries about housing costs hits the highest levels ever recorded

Four in five homeowners (79%) and renters (81%) are worried about housing costs – this highest rate ever recorded, according to consumer champion Which?.

Its Consumer Insight Tracker has been recording housing cost worries since 2013.

Over the past two years, the tracker has shown a steady increase in concern amongst renters, with six in 10 (62%) saying they were concerned in August 2021.

However, with the continual rise in interest rates, its homeowners who are feeling the most anxious. Before December 2021 – when interest rates started to creep up – around half of mortgage holders were worried, compared to 4 in 5 in August this year.

The rise in concern didn’t correlate into people missing payments in August, with a fairly static 630,000 not being able to make a repayment.

This could be because they’re defaulting on other bills with 2.2 million households missing essential payments such as loans or credit cards.

More worryingly, two thirds (61%) of those who missed a bill reported that they’d missed more than one, suggesting they’re already in a downward spiral of debt.  

The Bank of England is expected to raise interest rates again on 21st September, piling more pressure on household finances.

If you’re missing payments or struggling to afford essential bills, then you should seek free debt help immediately. There are a number of solutions available - we can help you find the one that's right for your individual circumstances. 

Avatar of Caroline Chell

Caroline Chell

Caroline has worked in financial communications for more than 10 years, writing content on subjects such as pensions, mortgages, loans and credit cards, as well as stockbroking and investment advice.

Related posts

cost of living

14 Jun 2024

Supporting kids’ sporting dreams is a nightmare for hard-up families

Ahead of an exciting summer of sport, we’ve been investigating how financial hardship affects kids’ sporting ambitions.

cost of living

12 Jun 2024

Cost-of-driving crisis could force millions to sell their cars

Rising car expenses are taking a toll on UK drivers, with many saying they will have to sell their cars to stay afloat.

cost of living

10 Jun 2024

Those with the least ‘hardest hit by tax and benefit changes since 2010’

As a new report finds the poorest households have been hit hardest by tax and benefit changes made since 2010, find out what help's available if you're struggling.

cost of living

05 Jun 2024

“All I do is work to live”: full-time worker confronts PM in election debate

A woman told Rishi Sunak during the first general election debate that she’s finding it hard to “make ends meet”. Find out what support you can get if you’re being affected by the cost-of-living crisis.