Nearly six in 10 North of England mortgage holders say the cost-of-living crisis is affecting their mental health
According to a new survey of 2,000 UK homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of global technology leader Dye and Durham, shows the majority of people have genuine concerns over their financial situation and that of their families.
Martha Vallance, chief operating officer for Dye & Durham, said: “The effects of high interest rates, energy bills and the increased cost of living overall cannot be underestimated.
"Our survey data shows people in the UK are extremely concerned about both their short- and long-term future and have reduced spending, raided savings and are delaying major purchases.
“For legal professionals that rely on property transactions this is likely to have a significant effect for the duration of 2023 and beyond. Now is the time to start evaluating technologies that can help modernise their businesses and help them save money by reducing unnecessary costs.”
• More than a third (36 per cent) of respondents in the North of England expect it will take significantly longer to pay off their mortgage than originally anticipated
• More than one in three (37 per cent) in the North of England expect to delay home renovation or improvement projects (35 nationally)
• Over one fifth (21 per cent) in the North expect they will need to delay retirement plans (21 nationally)
• 59 per cent in the North East & Cumbria said they are making personal sacrifices so their family/children are not impacted, for example eating less or not purchasing clothing or shoes (55 per cent North West, 50 per cent in Yorkshire and The Humber)
• More than half (52 pe cnet) in the North East and Cumbria feel “stuck/unhappy” in their current home/life/job but can’t afford to change their circumstances (44 per cent in Yorkshire and The Humber, 41 per cent in the North West)
• Almost half (47 per cent) of people in Yorkshire and The Humber said they could comfortably afford to continue paying their mortgage for just two months or less, if there was a change of circumstances for the main income earner, compared to 42 per cent in the North East & Cumbria, 36 per cent in the North West and 22 per cent in London
• A third in the North West have started to use (or are using more frequently) credit cards or Buy Now Pay Later to better manage household budgets (30 per cent in North East and Cumbria, 23 per cent in Yorkshire and The Humber)
• And 54 per cent in the North said they have reduced the usage of their personal car to save money
• To help manage monthly outgoings, three in five homeowners have cut back on takeaways or meals out – 63 per cent in the North of England. More than half (55 per cent) of those in the North of England say they have reduced clothes shopping, plus 54 per cent have reduced visits to pubs or bars (compared to 48 per cent nationally).