A new study shows that the UK may be losing the battle against rising housing costs as a quarter of Britons struggle with ineffective cost-saving measures.
The study, commissioned by storage specialists StorageX, surveyed 1,000 people and found that 25% of adults have seen increases in their monthly housing costs due to the cost of living crisis. A quarter of those aged 25-39 have even considered moving in response to rising costs.
The study also found that nearly half of respondents are limiting water, gas, and electricity use, while reduced lifestyle spending takes the second-highest spot at 38%.
A quarter of respondents reported using savings to make ends meet, while one in ten said they’d taken on extra hours at work.
However, despite these efforts, only 24% of respondents reported seeing monthly savings of up to £50, and only 13% had seen slightly higher returns of between £50-£100.
These findings follow recent calls from three city mayors, including London’s Sadiq Khan, to introduce a rent freeze and eviction ban.
The statistics suggest that those aged between 25-39 reported the highest impact to housing costs, with one third detailing an increase in their rent or mortgage payments.
Despite these overall numbers, only 3% of all participants report taking action and moving to a new property.
When asked if they felt these changes had eased the impact of the cost of living crisis, only 13% said that it had considerably reduced impact.
A more significant 26% reported that it had “somewhat” eased impact, but that they were still struggling. Almost a third (28%) said it had made no difference.
Director of StorageX, Marcin Markiewicz, commented on these findings, stating that “it’s clear to see why the mayors of Manchester, Liverpool and London have recently called for rent freezes.
“With over half of respondents to our survey cutting down on gas and electric usage – as well as other lifestyle expenses – it’s concerning to see that these efforts seem to be generating such low financial returns. I’d imagine that many might feel as though they’re fighting a losing battle.”
