High housing costs driving Brits to desperate measures
High housing costs driving Brits to desperate measures
Thursday 19th June 2008
In a survey of close to 7,000 people conducted on behalf of homeless charity Shelter by YouGov, one in nine of those quizzed said they had sold possessions to fund their housing costs.
Meanwhile, one in four people said they were cutting back on their groceries spending to help with their pressure that higher mortgage repayment rates is putting on their finances.
The report stated: "Millions of people find paying for housing a constant struggle, and millions more are trapped in bad housing because they cannot afford to rent or buy a better home.
"The boom years have created a vast divide between those who have benefited from soaring property prices, and those left behind. Now, the credit crunch means that many homeowners coming off fixed-rate mortgages are suddenly feeling the pinch."
News of the report's findings comes after the Council of Mortgage Lenders predicted that the number of repossessions will rise to 45,000 this year - up from 27,000 during 2007.
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