Many unable to meet home payments

By Debbie Franklin, Director of Tax and property tax specialist

The Which? Consumer Insight Tracker, published in May 2023, shows that 700,000 of the UK's 28.1 million households missed a rent or mortgage payment in April 2023. The figure is particularly high for renters, with 5.2% being unable to pay their rent bill. 3.1% of mortgage holders missed their mortgage payment in the same month.

The report cites increased mortgage rates and landlords passing increased costs onto tenants as reasons for the missed payments.

Overall, 2 million households (7.3%) missed a rent, mortgage, credit card, loan or bill payment in April 2023, compared with 6.5% in April 2021 and 5.2% in April 2020.