37% of Working Parents Ration Food to Meet Housing Costs
A new report shows that over a third of all working parents in the UK are scrimping on food costs in order to be able to afford spiralling housing costs and rising bills.
A report issued by Shelter today shows that working parents are being further squeezed by rising housing costs and bills while wages remain consistently below inflation.
The recently published English Housing Survey revealed that on average, working parent households were spending 28% of their weekly income on housing payments and, perhaps more worryingly, this figure rises to 40% when only private renters are considered.
The Shelter report also showed that around 3 million working parents are cutting back on food in order to keep a roof over their heads.
Gillian Guy, Chief Executive of the Citizen’s Advice Bureau, said:
“Housing costs have left some families standing on a financial cliff edge. Working households that have already cut back on spending to get by could find themselves in the red if interest rates go up. Citizens Advice research shows 3 in 5 households are worried about the impact of rising bills this year, with over half forced to cut spending to balance the books. The competing pressures of sky-high childcare bills, rising energy costs and wages which are consistently below inflation, mean many people are struggling to pay for the roof over their head. Citizens Advice dealt with nearly 87,000 social housing rent arrears problems last year, up 10 per cent from 2012.
“It is welcome news that more people are in work, putting more households in a position to get on top of their bills. However, with record numbers of people becoming self-employed and increased numbers of jobs with uncertain hours, families face increasing instability in their income. An interest rate rise would put some in a more precarious position, so any rise needs to be slow and steady in order for families to manage the extra cost.”
Chief Executive of Shelter, Campbell Robb, said:
“No parent should be forced to choose between putting food on your table and paying for the roof over your children’s heads. These shocking figures show that millions of us are having to make these kind of agonising choices every day.”
With so many people struggling even though interest rates are currently at a record low of 0.5%, there are serious fears over the fallout that will occur when The Bank of England raises the base of interest, which it is scheduled to do early next year. A previous report released by Shelter claimed that at least 1 in 10 home owners will be at risk of losing their home when interest rates rise.
If you are concerned about the cost of maintaining your mortgage and find yourself worrying that you will be unable to cope when interest rates rise, perhaps selling your home may be the best option. Downsizing in order to make housing costs more affordable is certainly one option being considered by many home owners as the price of living continues to rise. This is especially true for those whi find themselves unable to remortgage or renegotiate the terms of their existing mortgage.
If you decide that selling your home is the best option for you, the UK’s premier fast purchase property company, National Homebuyers, could be of assistance. We are a guaranteed house buying company, meaning we are completely independent of profiteering middle men and we can offer a stress free house sale that is completely devoid of any property chain. Selling your home is always a big decision, but if you do decide that a quick house sale would be beneficial, contact National Homebuyers and we will be happy to help you explore your options.