Homeowners delaying next move due to cost of living crisis - claim

More than a tenth of homeowners expect to delay buying or selling a home this year due to the cost of living crisis, research suggests.

A survey of 2,000 mortgage borrowers, conducted by Danebury Research on behalf of software firm Dye & Durham, found 12% of homeowners  and nearly one in five Londoners are holding off.

It comes as 56% said the cost of living crisis is affecting their mental health and 30% say they are worried they will fail to make mortgage repayments within the next year.
Around a third said they could only afford to continue paying their mortgage for two months if a job loss affected the main breadwinner, meaning repossessions could become a rising risk for the UK’s property market, the research warned.

Two thirds also said they are worried their children or grandchildren will be unable to get on the property ladder due to affordability.

Martha Vallance, chief operating officer for Dye & Durham, said: “The effects of high interest rates, energy bills and the increased cost of living overall cannot be underestimated. 

“Our survey data shows Britons are extremely concerned about both their short- and long-term future and have reduced spending, raided savings and are delaying major purchases.
“For legal professionals that rely on property transactions this is likely to have a significant effect for the duration of 2023 and beyond. 

“Now is the time to start evaluating technologies that can help modernise their businesses and help them save money by reducing unnecessary costs.”