Renters ‘harder hit by cost of living crisis than homeowners’
Figures from the ONS show that tenants are struggling to pay energy bills, and are being forced to borrow money.
Renters are suffering more severe hardship in the cost of living crisis than homeowners, new research reveals.
More tenants (61%) are finding it difficult to pay their energy bills than people who have their own property, according to the Office for National Statistics (ONS).
Less than half of homeowners who have a mortgage say they are struggling with gas and electricity costs, with this number dropping to under a third for those without a home loan to pay.
Tenants are also more likely to borrow more money or use more credit than a year ago (31%), compared with those paying off a mortgage (25%) and outright homeowners (9%).
Unexpected
A higher proportion of adults who rent their home reported not being able to save in the next 12 months (56%), compared with those who are paying off a mortgage (40%) and those who own their home outright (38%).
Renters are over four times more likely to be unable to afford an unexpected expense of £850 than homeowners.
The Government says it has provided a £37 billion cost of living package in 2022-23, with a further £26 billion available in the coming year.
But ministers have been unable to say when a Renters Reform Bill that bans Section 21 evictions, will be published, and refused to follow the example of Scotland by introducing a rent cap.
