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Renters will feel vulnerable because of inflation - warning

A warning has been issued by a business consultancy that renters are set to feel particularly vulnerable this year because of the cost of living crisis.

Hargreaves Lansdown, citing government figures, says in March almost a quarter of people in all tenures found it difficult or very difficult to pay household bills. This is up from 17 per cent in November.

Likewise 87 per cent of people reported an increase in the cost of living in March. This is up from 62 per cent in November.

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And 17 per cent of people reported borrowing more money or using more credit than they did a year ago.

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, says: “Pretty much everyone is feeling the pinch but those on lower incomes are particularly badly affected with prices rising fastest on life’s essentials such as food and heating bills.

“People report trying to use less fuel as a means of keeping costs down and there are also signs people are cutting back on their food shops. However, people can only cut back so far on these things so there is precious little room for manoeuvre.

“So far, the current situation hasn’t translated into people falling behind with rents or mortgages – only around three per cent of people have reported this, a figure that has remained largely stable. 

“However, this could be because people are burning through their lockdown savings in a bid to meet their day to day living costs while others opt to borrow more to meet their needs. 

“Mortgage payers have had the option to fix their costs in recent months, but those who rent will feel very exposed to further increases in the coming months.”

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    I suspect many mortgage payers will also feel vulnerable!

    I'm amused by the many obese people who say they have to choose between eating or heating. The answer's right in front of them if they look down where they used to see their feet.

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    They always seem to have 3 dogs as well. Its not just dog food, worse arrears situation I had was a couple who spent all their money on vet bills. Also makes you wonder how we, our parents and grand parents all survived years ago when there was no central heating.

     
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    This is nonsense, as said what about those who have a mortgage and have to pay for their own maintenance. We have seen nothing yet, wait until the October increase comes in….. the heating goes back on and the January energy increase hits, then let’s see where we all are !

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    Hargreaves Landsdown have gone woke. They used to back sn investment guru who ended up losing lots of money !

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    Private Landlords have huge increase in costs too by local Authorities Licensing Schemes, have to bear all Council’s costs, their own associated increase administration costs and Government Regulation cost of Compliance. Huge increase in costs of maintenance and loan interest increase at a time of rent arrears plus Section 24 & increased threat of removal of Section 21 loosing all control of your investment. Maybe it’s not only Renter’s that are affected and have to choose between heating & eating, anyway its a bad choice better do half of both it will help with the over weight problems if nothing else, time to give Landlords a break and call off the hounds.
    Incidentally Polly go her MBE after a few years of knocking Private LL’s and getting well paid, where’s mine.

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    Sorry was it CBE ?.

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