The cost of living crisis in the United Kingdom has seen nearly three-quarters of a million Britons miss a housing payment last month.
The cost of living crisis in the United Kingdom has seen nearly three-quarters of a million Britons miss a housing payment last month, according to data compiled by a leading consumer body.by the British consumer advocate agency Which? found that an estimated 700,000 people in the UK missed or defaulted on a rent or mortgage payment in April.
The consumer body reported that the problem paying for housing was “particularly high” among renters, with their figures finding that among those surveyed, one in 20 tenants had difficulties paying their housing bills, including energy costs and local council taxes. Meanwhile, “a significant number” of Britons also missed their mortgage payments last month, with 3.1 per cent of borrowers struggling to keep pace with the seemingly ever-increasing interest rates from the Bank of England, which isIn total, Which? estimated that some 2 million households defaulted on or missed a payment of a bill, credit card, loan, rent, or mortgage.
Approximately 16.6 million households were also believed to have made an “adjustment” in their monthly budgets, such as reducing expenditures on essentials, using their savings to cover increasing costs, selling something they own, or taking on more debt. This represented an increase from 35 per cent two years ago to 59 per cent today.
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