A new survey of around 2,000 UK adults has found the majority are worried about being able to afford a home. Meanwhile, according to The Mortgage Lender (TML) survey, nearly 43% of homeowners said they were concerned about the UK economy, and rising interest rates worried 48% of respondents.

As for other major concerns, 37% said that affording household bills and 21% pointed to mortgage payments were key issues. And around 15% were worried they would not be able to move to a property in the future while 11% said that they were concerned children and family members would live with them for longer periods of time.

More support needed

More than a third, 34%, said they wanted more cost of living support from the government and 30% would like more support to make energy efficiency improvements.

Around 39% said they wanted lower interest rates to help lower mortgage payments and 22% wanted more first-time buyer support.

‘The affordability gap is widening’

Steve Griffiths, 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.”