One in 3 people concerned they won't be able to pay mortgage or rent

A third of people (33 per cent) are concerned they won’t be able to pay their mortgage or rent next year. New figures from the Chartered Institute of Housing (CIH) show housing costs are taking their toll on millions of people across Great Britain.

Of those with monthly rent or mortgage payments in the Ipsos MORI survey of adults aged 16-75:

• 23 per cent – equivalent to around 7.2 million people – are worried about their ability to pay the rent or mortgage right now
• 33 per cent – equivalent to around 10.3 million people – said they were concerned they wouldn’t be able to meet their mortgage or  rent payments in 12 months’ time
• 36 per cent – equivalent to around 11.2 million people – said their concerns about housing costs are causing them a great deal or a fair amount of stress.

CIH released the figures ahead of Housing 2013, its annual conference and exhibition, which takes place at Manchester Central next week from 25-27 June.  It comes as Labour leader Ed Miliband prepares to use his National Policy Forum speech later today (Saturday 22 June) to outline his party’s proposals to get Britain building.

CIH chief executive Grainia Long said: “The fact that one in three people are worried they won’t be able to pay their mortgage or rent next year – and almost a quarter (23 per cent) are already concerned about their ability to pay at the moment – is extremely disturbing. 

“The cost of housing combined with the increasing cost of living, flat lining wages and worries about job security is creating a toxic mix.  This is causing real hardship for millions of people right now and these figures show that we are facing a ticking time bomb.

“The number of people worried about their housing costs will continue to rise, because we have failed to build enough new homes for decades.  Decisive action is required to help fix our dysfunctional housing market.  Long-term problems like this require long-term, fundamental solutions.  Recent government announcements have shown ministers understand the importance of fixing our housing system, but we need housing to be understood as a national priority if we are to have any chance of dealing with this deepening crisis.”