Nearly one in two households (47%) are concerned about being able to keep up with rent and mortgage payments over the next 12-months, research from Legal & General has found.
According to Legal & General’s Rebuilding Britain Index (RBI), 95% of working households have experienced a real terms pay cut over the past year, leading to widespread concern around the affordability of mortgage repayments.
The Legal & General RBI was established to measure the UK’s progress in levelling up on a quarterly basis, surveying 20,000 people and tracking social and economic progress across 52 measures, including housing and employment.
Sir Nigel Wilson, Group CEO of Legal & General, said: “Our research across 20,000 UK households exposes the stark choices that inflation is forcing on many people in Britain. Levels of employment continue to improve but real wages are lagging behind.
“It is particularly concerning to see that not only are the key RBI measures such as access to housing and healthcare stalling or falling nationwide, but that the cost-of-living pressures are widening the inequalities that the Levelling Up agenda is aiming to address.
He added: “Recommitment from Government on the policy itself is welcome news, as are the new and additional Budget devolution settlements.
“But this needs to be doubled down with ambition and collaboration to drive more private sector economic investment and modernise planning to produce a meaningful and lasting impact.
“Smaller individual projects, sprinkled across the UK, that are not joined up, are unlikely to be effective or efficient as they don’t address the underlying causes of regional and local inequalities.
“It is our belief that a more joined-up approach, through public-private sector partnerships will result in the type of impact that is really needed in the places that need it the most.”
