Food or shelter? The housing crisis in the UK
With ever-rising living costs, more and more families are finding themselves making unhealthy and potentially damaging cutbacks in their lives to keep a roof over their heads.
Research released by the housing charity Shelter in collaboration with YouGov has shown that almost half of all working families are forced to cut back on food and clothing in order to pay for their rent or mortgage. Described as “appalling” by house selling experts, the situation appears to have spread across the nation, yet generated little attention.
Recently released statistics by the government also support Shelter’s research, by confirming that those who own their property are contributing on average 29% of their income towards their mortgage payments, while private renters are paying as much as 43%.
The findings, published this week, have also found that one in 11 working parents are skipping meals to cover their costs, while one in five are avoiding buying new clothes for their offspring in order to keep their heads above the proverbial water.
Even more worrying is that 60% of working parents across the nation are straining to meet their mortgage or rental payments each month, and if one or both providers were to lose their job they would immediately find themselves in arrears.
“Any one of us could hit a bump along life’s road, but with housing now taking up the lion’s share of people’s pay-packets, any drop in income can all too quickly leave families at risk of losing their home,” Said Campbell Robb, chief executive of Shelter.
“At Shelter we speak to parents every day who live in constant fear that a cut in hours could tip them into homelessness. With hundreds of thousands of working families in the region struggling and a period of economic uncertainty ahead, now is the time for the new government to both protect and improve our welfare safety net so that it can be there to support families who fall on hard times.”
The fact that 60% of homeowners and tenants are finding it hard to afford where they live already means it is becoming progressively unlikely for them to consider another purchase any time soon, forcing those who are looking for A fast house sale to endure a longer selling process, if using the traditional route of estate agencies. However, they do have the option of using a house buying company, who will buy any home for cash regardless of condition or location.
Can’t sell your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.