UK Money News
27th June 2008
Mortgage holders hardest by higher cost of living
Mortgage holders are less well placed than tenants to ride out the spate of financial pressures caused by the soaring cost of living, a new survey has found.
Research conducted by MoneyExpert.com found that the average tenant spends £133.90 per person per week on commodities, including petrol, food and energy bills.
Conversely, homeowners spend an average of £216.60 per month – 32 per cent more.
Sean Gardner, director of MoneyExpert.com, commented: "Much has been made of the dilapidated mortgage market and the effects of inflation, and it is true that homeowners are likely to suffer a real change in their standard of living as costs rise.
"But tenants are less exposed to these factors - they don't have to remortgage; they won't suffer equity losses as house prices drop; and their per capita expenditure on basic commodities is lower than those of homeowners, too."
He added: "This may explain why the housing market is struggling to recover - people realise that renting is cheaper now and aren't prepared to run the risk of being on the property ladder."
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