More than half of UK mortgage holders (56%) would say the ongoing cost of living crisis has affected their mental health, a study from Dye & Durham has indicated.
According to a new survey of 2,000 UK homeowners who pay a mortgage, conducted by independent market research firm Danebury Research on behalf of Dye & Durham, the majority of mortgage holders in the UK have genuine concerns over their financial situation and that of their families.
It found that three in 10 mortgage holders (30%) are worried they will fail to make their mortgage repayments within the next year, with those aged between 18 and 24 expressing particular concern (42%).
With one in eight (12%) UK homeowners – and 19% of Londoners – expecting to delay selling or buying a home this year, Dye & Durham suggested that legal professionals relying on property transactions to drive revenue will need to take a closer look at their operations and make adjustments to better adapt to volatile market conditions and save money.
“The effects of high interest rates, energy bills and the increased cost of living overall cannot be underestimated. Our survey data shows Britons are extremely concerned about both their short- and long-term future and have reduced spending, raided savings and are delaying major purchases,” commented chief operating officer at Dye & Durham, Martha Vallance.
“For legal professionals that rely on property transactions this is likely to have a significant effect for the duration of 2023 and beyond. Now is the time to start evaluating technologies that can help modernise their businesses and help them save money by reducing unnecessary costs.”
The research also found that that more than one in three (36%) of respondents are expecting it will take significantly longer to pay off their mortgage than originally anticipated, and a similar proportion (35%) are expecting to delay home renovation or improvement projects.
Furthermore, Dye & Durham found that 19% are expecting they will need to delay retirement plans, a figure increasing to 24% of those aged between 45 and 54.
UK product lead at Dye & Durham, Paul Clarke, said there is a chance for industry professionals to implement plans to improve operational efficiency.
“With transaction volumes likely to be reduced this year due to consumer concerns over the cost of living crisis, professionals now have the opportunity to take a closer look at their operations and evaluate ways to improve efficiency for both their businesses and their customers,” Clarke said.
“By improving their processes and workflows now, to support a more agile approach to transactions and practice management, it will provide a real advantage once the market bounces back to previous levels.”
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