The study, conducted by personal finance experts at www.myfavouritevouchercodes.co.uk, surveyed 2,674 UK renters over the age of 18 and looked into the very real fear of forced homelessness due to the cost of living which is currently gripping the UK.
All respondents were first asked how real the prospect of homelessness was to them in their current financial situation, revealing that more than one in five UK adults consider the idea of homelessness within the next six months a ‘real concern’. The rental housing market represents 35% of the UK, a total of around 8.4 million renters, meaning that there are currently 1.76 million renters in the UK who are currently fearful of homelessness.
When asked why they consider their current situation to be as perilous as they do, the top factors given were:
1: Lack of affordable housing – 73%
2: Rental prices – 69%
3: Energy bills – 55%
4: Inflation in the supermarket – 31%
5: Wage stagnation - 27%
The number of rental properties on the market has almost halved (49%) over the last three years, with 94% of the properties removed from the rental pool subsequently sold on by the respective landlords. These statistics were mirrored by the respondents, with almost three-quarters (73%) fearful of the lack of affordable housing.
The study then asked what lengths people have gone to in order to keep up with rent repayments on their current property, to better ascertain the level of the crisis facing the average renter. The top responses are as follows:
1: Borrowing money – 76%
2: Selling items – 71%
3: Skipping meals – 59%
4: Working second jobs – 55%
5: Stealing essentials from supermarkets – 26%
When asked if the respondents blamed the government for the current financial situation, 93% said ‘yes’ – firmly placing the blame at the door of number ten.
Julian House, Managing Director at www.myfavouritevouchercodes.co.uk, commented: “We are currently teetering on the precipice of national economic disaster – with the energy price cap set to soar in October, inflation set to increase, wage stagnation rampant throughout all business industries, and the state of the rental market creating a backdrop of despair.
“The government have a number of issues to address, that much is clear, but the cost-of-living crisis as an entity in itself must be a priority for any incumbent leadership candidate. With homelessness such a real worry for this number of people, in a wealthy country like the UK, it is truly staggering that this is an issue that people are in fear of not escaping.
“If you find yourself in this dreadful situation, it is important to know that there are avenues of help available, with the likes of Crisis and Shelter to name a couple.”
