Brits are third-biggest spenders in EU when it comes to housing costs
Brits are spending more of their monthly earnings on housing than nearly every other EU country, according to new research.
Figures gathered by housing charity Shelter have indicated that 16.5 per cent of British families are spending at least 40 per cent of their monthly income on mortgage or rental payments and utility bills. According to The Press Association, only Denmark and Greece have a higher proportion of families spending this much.
Since the onset of the recession, utility bills and rental payments have gone through the roof. Mortgage payments have typically been higher than most EU countries as well.
Of course, buy-to-let landlords who have tenants paying covering their mortgage and utility payments won't be as badly affected as others by this trend. Yet, these figures arguably highlight why so many are keen to invest in property management services companies to ensure that their second homes are never left vacant.
In an interview with guardian.co.uk, Shelter's chief executive, Campbell Robb, predicted that Brits would be stuck spending a large proportion of their earnings on housing costs for some time yet.
He said: "This is not set to get better any time soon. While the situation is bleak at the moment, a succession of government failing to provide much-needed affordable homes means that the future facing our children and our children's children is only set to get worse."