Posted 05.08.13
More than half (53%) of people in Britain say they are limited in their spending as a result of their housing costs.
According to the Chartered Institute of Housing (CIH), which commissioned the Ipsos MORI research, the cost of housing risks choking off Britain's economic recovery. It comes after official figures were released last week, showing that the UK economy grew by 0.6 per cent in the three months to June.
Of those with monthly rent or mortgage payments in the survey of adults aged 16-75, 53% say the money they spend on their rent or mortgage limits the amount of money they have to spend on other things either a great deal or a fair amount.
That figure is even higher for private renters, with 62% saying their housing costs limit their spending compared with 51% of people with a mortgage and 53% of people who rent their home from a housing association or local authority.
The survey also found that 58% of people aged 25-34, 57% of people aged 35-44 and 58% of 45-54s have to limit what they spend elsewhere because of the money they spend on housing.
The findings come after CIH and Ipsos MORI reported in June that a third of people are concerned they won't be able to pay their rent or mortgage next year. while 36% of people said their concerns about housing costs were causing them a great deal or a fair amount of stress.
