According to The Mortgage Lender (TML) survey, which surveyed around 2,000 adults, nearly 43 per cent of homeowners said they were concerned about the UK economy, and rising interest rates worried 48 per cent of those surveyed.
As for other major concerns, 37 per cent said that affording household bills and 21 per cent pointed to mortgage payments.
Around 15 per cent were worried they would not be able to move to a property in the future and 11 per cent said that they were concerned children and family members would live with them for longer periods of time.
Of those surveyed, 13 per cent said limited supply in the market was a “priority issue”, followed by cost of construction services at 12 per cent and improving energy efficiency at 16 per cent.
More than a third, 34 per cent, said they wanted more cost of living support from the government and 30 per cent would like more support to make energy efficiency improvements.
Around 39 per cent said they wanted lower interest rates to help lower mortgage payments and 22 per cent wanted more first-time buyer support.
TML: ‘The affordability gap is widening’
Steve Griffiths (pictured), chief commercial officer at TML, said: “The cost of living continues to dominate the minds of consumers as many worry not only about their current financial situation but also what it will mean for their future property plans.
“While house price growth may be slowing, inflation and interest rates are higher than many will have seen in their lifetimes. This combined with limited wage growth mean that the affordability gap is widening, and moving onto or up the property ladder remains a significant challenge.”
He continued: “While there is light on the horizon with mortgage rates starting to come down, they will for some time be higher than many have been used to. Speaking to a mortgage broker early will help homeowners understand their options, and which lender is the best for for their income and affordability situation.”
