Tenants struggle to keep up with rent payments

An estimated seven million households are struggling to keep up with rent and mortgage payments, according to a new report.

A survey of 4,000 people by consumer group Which? reveals nearly half (46%) of tenants and homeowners have found it hard to keep up with rent and mortgage payments, which equates to approximately seven million people.

The poll also reveals some renters are using savings to cover rent payments.

Renters are likely to be affected by interest rate rises

According to Which? renters are likely to be affected by interest rate rises – as landlords whose mortgage repayments have gone up may raise rents to cover the increase.

Around a quarter or more of private (27%) and social renters (25%) have had to use their savings to cover rent.

These housing worries are also affecting people’s emotional well-being.

According to the survey, half (52%) of households with a mortgage and more than half (55%) of social renters and private renters (56%) are feeling stressed on a daily basis compared to just three in 10 (28%) of households who own their homes outright.

Nearly two-thirds of mortgage holders and renters (62% of households with a mortgage, 60% of social renters and 62% of private renters) are worried about their household’s financial security.

More than half said they feel like they are not in control of their money (55% of households with a mortgage, 55% of social renters and 56% of private renters).

Speak to your landlord

Which is urging tenants to speak to their landlord about their situation and ask if they are able to offer temporary help.

Rocio Concha, Which? Director of Policy and Advocacy, said:  “It’s hugely concerning that seven million households are already struggling to keep up with rent or mortgage payments – with millions more set to remortgage at higher rates by the end of 2024.

“We’d encourage anyone who’s struggling to seek free debt advice and reach out to their mortgage provider or landlord for help.”

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