Cost of Living: Nearly half of working-age families are “behind or struggling with housing costs” | UK News

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Nearly half of working-age families report that they are either behind or struggling with housing-related costs, according to a think tank.

Figures from the Resolution Foundation show that more than two in five (44%) working-age households reported being either behind or struggling with housing-related costs in November.

The numbers also showed that the percentage of those being left behind or struggling jumped from 26% during the depths of the COVID pandemic in January 2021.

The foundation suggested that while the coronavirus crisis has exacerbated housing pressures, the current cost of living has delivered a more comprehensive shock to families.

Researchers found that nearly half (48%) of social tenants reported that they were unable to afford to replace electrical goods, or to turn on the heating when needed.

“With many renters reaching the limits of already depleted financial resources, this pressure is having profound effects on their family budgets and well-being,” said Cara Pacchetti, chief economist at Resolution.

Almost a fifth (19%) of social renters reported falling behind on housing costs, as did 4% of mortgage holders. Some of those surveyed own their homes outright.

The researchers found that 8% of private renters reported falling behind on housing costs in the three months leading up to November 2022.

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Many mortgage holders have not felt the immediate effects of higher interest rates due to being on a fixed rate mortgage deal, but they may see their costs increase when their existing deal ends.

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The organisation, which focuses on improving the living standards of people on low-to-middle incomes, surveyed nearly 8,000 working-age people aged 18-65 on YouGov across the UK in November 2022 for its latest research.

The results were compared to a previous YouGov survey in January 2021 of more than 6,300 people between the ages of 18 and 65.

A range of cost-of-living support measures are in place to help families, including targeted support for those who are particularly vulnerable.

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