Newly released research from property experts, Property Rescue, took in the views of 1,000 UK-based homeowners and was conducted by Perspectus Global in September 2022, revealed that homeowners are not only anxious about the current state of affairs, but more than half are also either angry (28%) or depressed (24%) about the rising prices.
In fact, 21% of homeowners are under so much financial pressure that they are worried that they may have to sell their homes due to rising mortgage interest rates. And these are not the only concerns.
Other homeowners are worried that:
They will have to choose between paying their heating bills and making their mortgage repayments this winter (35%) – this figure includes 49% of homeowners who are 30-44 years old, they will have to dip into their savings during the next year, due to the rising cost of living (41%). Or that they may have to try to change their mortgage repayments to make ends meet (27%).
In a bid to combat the rising cost of living, including the energy price increases, 24% of homeowners are looking to home improvements as an economising solution. The installation of solar panels (54%), triple glazing (31%), air source heat pump (23%), and underfloor heating (19%) are the most popular options.
And while not all homeowners are worried about being able to meet their financial obligations, a further 22% expressed concerns about the potential devaluation of their home during the next 12-24 months, due to rising inflation and interest rates.
Property Rescue spokesperson, Andrew Landers said, “It’s no secret that the UK is currently in the midst of a unique set of financial circumstances. With interest rates and inflation on the up, and the combined impact of the energy and cost of living crises, the UK’s homeowners are under a huge amount of pressure.
“And sadly, for some, it will inevitably result in the loss of their property.
“When this happens, the ability to sell your house fast, through a reputable sales management company, can make an enormous difference. Helping homeowners to realise the potential of their property swiftly, alleviating financial strains immediately, without the standard lengthy negotiation period.
“With the Bank of England predicting a likely recession in early 2023, it may be some time before the UK’s homeowners can contemplate a brighter outlook.”