Two million UK households missed or defaulted on at least one mortgage, rent, loan, credit card payment or bill last month.
Analysis has found that out of these, 700,000 had missed their housing payments as the cost-of-living crisis continues to bite. Research by consumer group Which? showed the 7.3 per cent missed payment rate seen in April was in line with the level at the same time last year but was higher than in April 2021, which was 6.5 per cent, in April 2020 when it was 5.2 per cent.
Missed housing payments were particularly high among renters, with one in 20 polled saying they had missed a payment in the last month. These missed rent payments have stayed at a high rate throughout the last year, showing many are struggling to keep a roof over their heads. Some 3.1 per cent of those surveyed also missed mortgage payments in the last month as Bank of England interest rates continue to climb.
