ONS finds homeowners hit hardest by cost of living crisis

Homeowners have been the worst affected by the cost of living crisis, with mortgage interest costs jumping by 56% in the past year, according to new figures from the Office for National Statistics (ONS). The ONS found that mortgagors are facing a 9.3% inflation rate, higher than the official inflation rate of 6.7%. The new measure, called the "Household Costs Index," includes mortgage payments and student loans. Mortgage interest payments have risen by 56% for the average borrower over the past year. One in three mortgage borrowers reported increased monthly payments, while a similar proportion said they were struggling with affordability. Meanwhile around 54% of renters do not expect to save any money in the next year, compared to 36% of mortgage holders. The figure rises to 63% for disabled adults who are renting. Renters have experienced a more significant increase in rental prices than mortgage holders, despite rising mortgage costs. The ONS also found that two-thirds of disabled adults who are renting would not be able to afford an unexpected expense of £850. 

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