A record 80% of UK mortgage owners and renters are worried about rising housing costs, according to a poll by Which?.
Interest rates are expected to continue rising as the Bank of England battles with inflation and the levels of concern among those paying for housing are at their highest in the ten-year history of the Which? consumer insight tracker.
Prior to December 2021, when interest rates were yet to be hiked, only half of mortgage owners expressed concerns about housing payments, however, this figure has now jumped to 79%.
Rocio Concha, Which? director of policy and advocacy said: “Although UK inflation is slowly starting to fall, these record levels of worry about housing costs and the looming threat of higher interest rates later this month shows that for many people, the cost of living crisis is far from over.”
Despite growing uncertainty and concern in the industry, the number of households missing payments did not increase month-on-month, instead remaining at 630,000.
Households defaulting or missing essential payments, including bills, loans and credit card costs, reached 2.2 million in August. Over half of that was made up by missed household bill payments such as utilities.
Two-thirds of those who missed household bill payments reported being unable to pay more than one of their costs.
“As so many people face financial hardship, Which? is calling on businesses in essential sectors like food, energy and telecoms providers to do more to help customers get a good deal and avoid unnecessary or unfair costs and charges during this crisis,” Concha concluded.