Three in 10 UK adults (30%) are finding it difficult to to afford their rent or mortgage payments, data published by the Office for National Statistics (ONS) has indicated.

The ONS stated that the proportion of all adults finding it “somewhat or very difficult” to keep up with payments has risen from 26% earlier in the year.

Adults in the youngest and oldest age groups appeared less likely to report having difficulty with or being behind on rent or mortgage payments. The ONS said this could reflect younger people not yet being responsible for such payments and older people being more likely to own their home outright.

The ONS published data on the impact of increased cost of living on adults across the UK for the period between June and September.

According to its findings, around nine in 10 people (93%) reported that their cost of living had increased compared with a year ago. A lower percentage (79%) reported an increase in their cost of living over the last month.

Commenting on the ONS findings, financial planning expert at Quilter, Rio Stedford, said: “Interest rates have been rising to try and combat rampant inflation. But due to fuel being thrown on the fire during the mini budget, interest rates are projected to rise even further later this year.

“Lenders have been quick to up their mortgage interest rates on all products, which mean that homeowners with fixed rates coming to an end within the next year or two, will likely see their bills rise considerably when they come to the end of their deal.

“The option of moving to a smaller home to achieve lower monthly mortgage payments is starting to become a real consideration for some homeowners. However, before putting a house on the market, it is worth considering that if a flood of properties all hit the market at the same time, this could end up driving house prices down.”

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